Guidance needed
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question_3.docxQUESTION 3
· Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent. A construction company purchased a piece of equipment for $1520. The expected life is 9000 hours, after which it will have a salvage value of $380. Find the amount of depreciation for the first year if the piece of equipment was used for 1800 hours. Use the units-of-production method of depreciation.
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· $177.33 |
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· $136.50 |
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· $304.00 |
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· $228.00 |
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QUESTION 5
· Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent. Calculate the cost of ending inventory.
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Calculate the cost of ending inventory.
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Date of Purchase |
Units Purchased |
Cost Per Unit |
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Beginning Inventory |
25 |
$33.18 |
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March 1 |
70 |
$28.60 |
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June 1 |
65 |
$38.75 |
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August 1 |
40 |
$21.49 |
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Units Sold |
68 |
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$1461.32 |
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$3116.05 |
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$4298.00 |
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$4098.50 |
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QUESTION 6
Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent. Calculate the cost of goods sold.
|
Date of Purchase |
Units Purchased |
Cost Per Unit |
|
Beginning Inventory |
25 |
$34.13 |
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March 1 |
70 |
$27.34 |
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June 1 |
65 |
$35.61 |
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August 1 |
40 |
$20.77 |
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Units Sold |
62 |
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$4079.63 |
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$1832.87 |
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$9992.13 |
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$5912.50 |
QUESTION 7
· Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent. Jeremy James is depreciating solar panels purchased for $3600. The scrap value is estimated to be $900. He will use double-declining-balance and depreciate over 6 years. What is the first year's depreciation?
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· $1200.00 |
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· $450.00 |
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· $600.00 |
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· $900.00 |
QUESTION 8
Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.
Eric Johnson is depreciating a kitchen oven range purchased for $1720. The scrap value is estimated to be $172. He will use double-declining-balance and depreciate over 30 years. What is the first year's depreciation?
$57.33
$103.20
$51.60
$114.67
QUESTION 9
Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.
Jane Frankis is depreciating a train engine purchased for $86,000. The scrap value is estimated to be $5000. She will use double-declining-balance and depreciate over 40 years. What is the first year's depreciation?
$2025.00
$4050.00
$4300.00
$2150.00
QUESTION 10
Find the depreciation for the indicated year using MACRS cost-recovery rates for the properties placed in service at midyear. Round dollar amounts to the nearest cent.
Property Class Depreciation Year Cost of Property
3-year 3 $86,600.00
$28,863.78
$17,320.00
$12,825.46
$16,627.20
