JC Manufacturing purchase d inventory for $ 5,300 and al so paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.) a. $2, 997 b. $2,337 c. $3,117 d. $2,857
JC Manufacturing purchase d inventory for $ 5,300 and al so paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.) a. $2, 997 b. $2,337 c. $3,117 d. $2,857
JC Manufacturing purchase d inventory for $ 5,300 and al so paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.)
Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.)
Note: Round your answer to the nearest whole dollar amount.
Acorn provided you with the following information:
Asset
Placed in Service
Basis
New equipment and tools
August 20
$ 3,800,000
Used light-duty trucks
October 17
2,000,000
Used machinery
November 6
1,525,000
Total
$ 7,325,000
The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago.
a. What is Acorn's maximum cost recovery deduction in the current year?