Mr and Mrs

question 22

Essay

Mr. and Mrs. Latt use a fiscal year ending October 31 as the taxable year for filing their joint Form 1040.
a. What is the last date on which the Latts can apply for an automatic extension of time to file their return for fiscal year ending October 31, 2013?
b. Assuming that the Latts make a timely application, what is the extended due date for the return?

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Definitions:

Activity-Based Costing

A financial allocation practice that designates overhead and indirect costs to related products and services, determined by the activities they necessitate.

Unit Product Cost

The total cost (both fixed and variable) to produce one unit of a product.

Traditional Costing System

An accounting method that applies indirect costs to products based on a predetermined overhead rate, without distinguishing between activities or processes.

Manufacturing Overhead

All indirect manufacturing costs, encompassing expenses such as maintenance, utilities, and salaries not directly tied to specific units produced.