the accountant at kramer company is figuring out the difference in income taxes the company will pay depending on the choice of either fifo or lifo as an inventory costing method. the tax rate is 30% and the fifo method will result in income before taxes of $4,370. the lifo method will result in income before taxes of $3,950. compute the difference in tax that would be paid between the two methods. example of answer: 4000 (no comma, space, decimal point, or $ sign)

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14-11-2022
Business

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the accountant at kramer company is figuring out the difference in income taxes the company will pay depending on the choice of either fifo or lifo as an inventory costing method. the tax rate is 30% and the fifo method will result in income before taxes of $4,370. the lifo method will result in income before taxes of $3,950. compute the difference in tax that would be paid between the two methods. example of answer: 4000 (no comma, space, decimal point, or $ sign)

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JitSen257 JitSen257 · Answer 1 · 2022-11-22T09:03:59+01:00

A tax is a charge based on an individual's or a business's revenue or turnover.The tax authorities tax the income generated during the previous period (financial year) during the current year.

Details: ($) Taxes under FIFO (4,370 x 30%): 1,311

What is a tax?

A tax is a mandatory contribution that a local, regional, or national government collects from individuals or businesses.Public works and services like roads and schools, as well as programs like Social Security and Medicare, are financed by tax revenue.

What is the goal of taxation?

A fundamental method by which nations generate public revenues that enable investments in human capital, infrastructure, and the provision of services for citizens and businesses is through the collection of taxes and fees.

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