Jasper and Crewella Dahvill were married in year 0. They filed joint tax returns in years 1 and 2

Jasper and Crewella Dahvill were married in year 0. They filed joint tax returns in years 1 and 2. In year 3, their relationship was strained and Jasper insisted on filing a separate tax return. In year 4, the couple divorced. Both Jasper and Crewella filed single tax returns in year 4. In year 5, the IRS audited the couple’s joint year 2 tax return and each spouse’s separate year 3 tax returns. The IRS determined that the year 2 joint return and Crewella’s separate year 3 tax return understated Crewella’s self-employment income causing the joint return year 2 tax liability to be understated by $4,000 and Crewella’s year 3 separate return tax liability to be understated by $6,000. The IRS also assessed penalties and interest on both of these tax returns. Try as it might, the IRS has not been able to locate Crewella, but they have been able to find Jasper. a. What amount of tax can the IRS require Jasper to pay for the Dahvill’s year 2 joint return? b. What amount of tax can the IRS require Jasper to pay for Crewella’s year 3 separate tax return?

On January 1, JKR Shop had $580,000 of inventory at cost. In the first quarter of the year, it

On January 1, JKR Shop had $580,000 of inventory at cost. In the first quarter of the year, it purchased $1,720,000 of merchandise, returned $24,400, and paid freight charges of $38,900 on purchased merchandise, terms FOB shipping point. The company's gross profit averages 35%, and the store had $2,130,000 of net sales (at retail) in the first quarter of the year.

Required:

Use the gross profit method to estimate its cost of inventory at the end of the first quarter.

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