Bing Corporation acquired two inventory items at a lump-sum cost of $120,000. The acquisition included 3,000 units of product LF, and 7,000 units of product 1B. LF normally sells for $30 per unit, and 1B for $10 per unit. If Bing sells 1,000 units of LF, what amount of gross profit should it recognize

$7,500

Explanation:

3,000 units of LF normally costs:

= 3,000 * 30

= $90,000

7,000 units of 1B normally costs:

= 7,000 * 10

= $70,000

Together they cost:

= 90,000 + 70,000

= $160,000

Use this to calculate the proportional cost of LF from the lump sum:

= 90,000 / 160,000 * 120,000

= $67,500

Cost per unit of LF purchased at lump sum cost:

= 67,500 / 3,000 units

= $22.50

Gross profit:

= (Selling price - Cost per unit) * 1,000 units

= (30 - 22.50) * 1,000

= $7,500

c.

explanation:

regressive tax taxes the poor and less of the wealthy. this the rich get richer and the poor get more poor. this would create a large wealth gap.

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%