During the current year,Kingbird Corporation (a calendar year C corporation) had the following income and expenses:
On October 1,Kingbird Corporation made a contribution to a qualified charitable organization of $6,300 in cash (not included in any of the above items) .Determine Kingbird's charitable contribution deduction for the current year.
Definitions:
Process Costing System
A financial recording method for allocating expenses to identical items that are manufactured in bulk through an uninterrupted process.
Weighted-Average Method
A costing method that assigns the average cost of goods available for sale to both ending inventory and cost of goods sold, weighting by the number of units.
Direct Labor Cost
The total cost of all labor directly involved in the production of goods or services, which can be easily traced to the product.
Equivalent Units
A technique in cost accounting used to allocate costs to partially completed goods, expressed in terms of fully completed units.
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