Financial accounting Larry estimates that the costs of insurance, license, and depreciationto operate his car total $320 per month and that the gas, oil, andmaintenance costs are 14 cents per mile. Larry also estimates that,on average, he drives his car 1,400 miles per month.How much cost would Larry expect to incur during April if he drovethe car 1,529 miles?

Step 1: The total Cost Larry would expect in April if he drove the car was 1,529 miles is the sum of…

Answered: Larry estimates that the costs of…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 57P

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Aldo Redondo drives his own car on company business. His employer reimburses him for such travel at the rate of 45 cents per mile. Aldo estimates that his fixed costs per year-such as taxes, insurance, and depreciation-are $2,000. The direct or variable costs- such as gas, oil, and maintenance-average about 18.5 cents per mile. How many miles must he drive to break even? Note: Do not round intermediate calculations. Roundup your answer to the next whole number. Break even point miles
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