Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Answer #5-7 please 4) Using the Specific Identification Method - the $2 spoons are plain - the $3 spoons have a design. We sold 4000
Answer #5-7 please 4) Using the "Specific Identification Method - the $2 spoons are plain - the $3 spoons have a design. We sold 4000 plain spoons and 2000 designed spoons. Calculate the Cost of Goods Sold and make the following Journal Entry (show work) For Questions 5-7 We buy a $15,000 Spoon Machine on 1/1/21-it will last 10 years with SO value at 12/31/30. It will make 10,000 spoons before becoming scrap. In Year 1 we make 1500 spoons 5) Using the "Straightline" method of Depreciation, calculate Deprecation expense for 2021 and make the following lournal Entry (show work) 6) Using the "Units of Production" method of Depreciation, calculate Deprecation expense for 2021 and make the following lournal Entry (show work) I 7) Using the "Double Declining-Balance method of Depreciation, calculate Deprecation expense for 2021 and make the following Journal Entry (show work)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started