Complete the Following Schedule Based on the Data Given Below

question 92

Essay

Complete the following schedule based on the data given below: $\begin{array}{l}\begin{array} { | l | l | l | } \hline & \text { Unit Transaction Order } & \text { Unit Cost } \\\hline \text { 1. Beginning inventory } & 8,000 & \$ 2.00 \\\hline \text { 2. Purchase } & 12,000 & 1.10 \\\hline \text { 3. Sale (@ } \$ 4.00 ) & 14,000 & \\\hline \text { 4. Purchase } & 4,000 & 1.30 \\\hline\end{array}\\\\\begin{array} { | l | l | l | } \hline & \text { Ending Inventory } & \text { Cost of Goods Sold } \\\hline \text { (a) FIFO } & \$ & \$ \\\hline \text { (b) Weighted average } & \$ & \$ \\\hline\end{array}\end{array}$

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Definitions:

Net Pay

The amount of an employee's earnings after all deductions, including taxes and retirement contributions, have been subtracted.

FICA Tax

A United States federal payroll tax that funds Social Security and Medicare, deducted from employees’ paychecks and matched by employers.

Federal Income Tax

A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.

Withholding Allowance

A portion of an employee's salary that is not included in their taxable income, used to account for personal exemptions and dependents, essentially reducing the amount of income tax withheld from their paycheck.