ACCOUNTING 211 FINAL EXAM 1. Tinker Bell Corp., which uses the periodic inventory system for merchandise, had the following: Beginning inventory, Jan 1 Jan 19 purchase Units Cost per Jan 28 8,000 $11 13,000 5,000 12 FIFO is: If 9,000 units are on hand at January 31, the cost of the ending inventory under Answer: Under LIFO is: Answer:2 . Tong Company sells office equipment on September 30 , 2018 , for $20 000 The office equipment originally cost $72 000 and as of January 1 2018 had accumulated depreciation of $42,100 Depreciation for the first nine months of 2004 is $4 500 . Prepare the journal entries to ( a ) update depreciation to September 30 , 2018 , and ( b ) record the sale of the equipmen Date Account Name Debit Credi 3 . Straight A Industries acqu quired a new machine at a cost of $70,090 . Useful life was estimated to be 5 years and residual ( resale ) value to be $10 000 . The total number of units of prod Ounits product expected to be produced was 60,000 . In year 2000 Instru 15 010 units were produced in year 2001 , 13 000 units were produced Ounits were year 1 ) " structions : complete depreciation for the first and second years using the following methods ( the machine was placed in service at the very beginning of a . Double declining balance Year 1 b . Straight - line Year 2 c . Units of production Date Give the journal entry to record depreciation for year I under ( 6 ) above Account Names Debit Credit