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Consider the following data supplied by Cotton Tops,a t-shirt distributor:
The manager charges equipment set-up costs as a separate cost to the purchase price of $4.92 per t-shirt.Calculate the total inventory costs if the manufacturer offered Cotton Tops a 2 per cent quantity discount for orders of 10 000 or more and Cotton Tops' economic order quantity is 10 000 units.
Time and a Half
An overtime pay rate, typically 1.5 times the employee's regular hourly wage, paid for hours worked beyond the standard workweek.
FICA Tax
Federal Insurance Contributions Act tax, a U.S. federal payroll tax funding Social Security and Medicare benefits.
Federal Income Tax
A tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
Medical Insurance
A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
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