George Is 21 Years of Age and a Full-Time Student

question 37

Multiple Choice

George is 21 years of age and a full-time student living with his parents.He had wages of $1,375 $140 of income tax withholding) for 2016.Can George claim his exemption on his return even though his parents will claim him as a dependent on their tax return?

• A)No,George cannot claim the exemption.
• B)No one can claim the exemption for George.
• C)George and his parents can both claim the exemption.
• D)Yes,George can claim the exemption.

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Definitions:

Weighted-Average Method

An inventory costing method that assigns the cost of goods available for sale based on the weighted average cost of those goods during the period.

Processing Department

A processing department is a division within a manufacturing operation where a specific type of process or series of operations is performed on products.

Cost System

A method or process used by a company to capture, measure, and allocate costs to products, services, or other cost objects.

Conversion Cost

The combined cost of direct labor and manufacturing overheads, which are necessary to transform raw materials into finished goods.