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2 points Callaghan & Associates, LLC's fiscal year-end is December 31. Callaghan purchased equipment costing $130,000 on May 1, Year 1 The machine is expected
2 points Callaghan \& Associates, LLC's fiscal year-end is December 31. Callaghan purchased equipment costing $130,000 on May 1, Year 1 The machine is expected to be obsolete after five years ( 60 months), and thereafter no longer useful to the company. The estimated salvage value is 57.000 . Callaghan's depreciation polioy is to record depreciation for the portion of the year that the asset is in service. Use the straight-line depreciation method to compute how much depreciation expense should be reported on Callaghan'sjincome statement for the vear ended December 31. Ycar 1. (Round your answer to the nearest yholenumbar do Nor include any decimal's. Do NOT include a \$ sign in your answer.) (See your Unit 4 notes, page 19) 2 points Last year, Graham Corporation had sales of $3,000,000, cost of goods sold was $1,800,000, net income was $400,000, beginning inwentory was $2.75,000, and ending inventory was $325,000. Calculate Graham's days to sell inventory. (Round your answer to the nearest whole number ie, do NOr include any decinals.) (See your Unit 4 notes, page 12) 2 points Connick Enterprises began business on October 1 and made the following fout inventory purchases in October: A physical count of inventory on October 31 reveals that there are 650 units on hand. Use the Average Cost method to calculate October's cost of Cost of Goods Sold. (Round your average cost per unit to twe decimal places. Include twa decimals in your answer even if your answer is a whole number. For example, if your. answer is 1,500, enter 1,500.00. Do NOT include a \$sign). (See your Unit 4 notes, page 5 )
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