5. The following information is available from M & M Corp.:

Information from the Balance Sheet:
	2020	2019
Depreciable Assets	$2,458,600	$1,985,400
Accumulated Depreciation	(1,350,700)	(1,046,000)
Depreciable Assets (Net)	$1,107,900	$939,400

From the Income Statement	2020
Depreciation Expense	$384,500

Use the information above to calculate the following:

a. Average age of the depreciable assets?

b. Average remaining useful life of the depreciable assets?

6. Downtown Company has consistently used the percentage-of-completion method of recognizing income. In 2018, Downtown started on an $18,000,000 construction contract that was completed in 2020. The following information was taken from Downtowns 2018 accounting records:

Progress billing $ 6,600,000

Costs incurred $ 5,400,000

Collections $ 4,200,000

Estimated costs to complete $10,800,000

What amount of revenue should Downtown recognize on the contract in 2018?

7. The Following schedule was taken out of the inventory records for Hot Dog Company

		units purchased	cost per unit	total cost of inventory
Beg Inv		300	$15	$4,500
Purchases
3-Feb		400	$17	$6,800
15-Apr		200	$18	$3,600
22-Aug		500	$19	$9,500
30-Nov		1000	$22	$22,000
sales for the year were 1800 units
Compute cost of sales using LIFO and FIFO: Computation using LIFO Computation using FIFO