The accounting records of Pharoah Manufacturing Company include the following information: Work in process inventory Finished goods inventory Direct materials used Direct labor (a) Manufacturing overhead is applied at a rate of 150% of direct labor cost. Answer the following questions: (b) What is the total of the additions to Work in Process Inventory during the year? Total debits $ (c) ✓ Your answer is correct. eTextbook and Media Dec. 31 Jan. 1 $22,400 $56.000 134,400 168,000 ✓ 392,000 179,200 Your answer is correct. What is the amount transferred to Finished Goods Inventory during the year? eTextbook and Media Transferred to Finished Goods Inventory $ Cost of goods sold $ 840,000 What is the cost of goods sold? 873,600 Attempts: 2 of 5 used Attempts: 1 of 5 used

Explain an example of external events.

Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer, and he did not contribute to charity during the year. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions.