30 and 31

30. As of December 31, 2019, ABC Company owned the tangible fixed assets. These assets were equipment, furniture, and a lorry. To depreciate the equipment and furniture, ABC Company used straight-line method. On the other hand to depreciate lorry, ABC Company used double- declining balance method. To depreciate these assets, ABC Company used depreciation for fractional years rounded to the nearest whole month. The details of these assets were as follows: Purchase Date Original Cost Residual value Useful life Lorry February 28, 2014 $120,000 $5,000 Equipment March 1, 2017 $42.500 $500 8 years Furniture August 1, 2017 $38.000 $2.000 6 years What will the book value of the furniture be on December 31, 2020? (3 Points) 10 years O some other amount O 517.500 O $14.500 O 520 500 31. ABC Company uses a periodic inventory system. As of January 1 2019 ABC Company has 1100 units of a particular product at a cost of $735 per unit At December 31, 2019. 1,500 units of the product remain on hand. The purchases of the product during the year are shown below. 1st purchase 1,450 units at $7.50 per unit 2nd purchase 1,600 units at $8.20 per unit 3rd purchase 1,000 units at $8.50 per unit What is cost of ending inventory at December 31, 2019 under FIFO?" (3 Points) O 512,500 I O $11275 O $10.975 O 512,600