4. Compute the value of the ending inventory using LIFO (Last-in/First-out)

First purchase 60 units @ $44

Second Purchase 30 units @ $48

Third Purchase 25 units @ $42

Fourth Purchase 40 units @ $40

Ending Inventory 72 units

5. Compute the interest on $7,000, 10 years, 8% (Appendix D).

6. The straight-line depreciation on an asset costing $108,000, 15 year useful life and a salvage value of $6,000.

(a) Compute the annual depreciation

(b) Compute the annual rate of depreciation.