Information about three joint products follows:
x y z
anticipated production 12,000 lbs. 8,000 lbs. 7,000 lbs.
selling price/lb. at split-off $16 $26 $48
additional processing costs/lb. after split-off (all variable) $8 $20 $20
selling price/lb. after further processing $20 $40 $70
the cost of the joint process is $140,000.
a) if the firm is currently processing all three products beyond split-off, the firm's income would be

James jones is the owner of a small retail business operated as a sole proprietorship. during 2017, his business recorded the following items of income and expense: revenue from inventory sales $ 147,000 cost of goods sold 33,500 business license tax 2,400 rent on retail space 42,000 supplies 15,000 wages paid to employees 22,000 payroll taxes 1,700 utilities 3,600 compute taxable income attributable to the sole proprietorship by completing schedule c to be included in james’s 2017 form 1040. compute self-employment tax payable on the earnings of james’s sole proprietorship by completing a 2017 schedule se, form 1040. assume your answers to parts a and b are the same for 2018. further assume that james's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. calculate james's 2018 section 199a deduction.