Blossom Limited purchased four articulated robots on account on May 1, 2024, at an invoice price of $502,000. On May 2, it paid $4,000 for delivery of the robots. A one-year, $5,500 insurance policy on the robots was purchased on May 3. On May 30, Blossom paid $10,000 for assembly, installation and testing of each robot on a production line. The robots started operating or were ready for use on July 1. Blossom estimates the useful life of the robots will be four years or 9,500 units with a residual value of $90,000. Assume the robots collectively produce the following numbers of units each year: 1,500 units in 2024; 2,500 units in 2025; 2,300 units in 2026; 2,200 units in 2027; and 1,000 units in 2028. Blossom has a December 31 year end. (a) Your Answer Correct Answer (Used) Determine the total cost of the robots. Cost of the robots $ 516,000

Blossom Limited purchased four articulated robots on account on May 1, 2024, at an invoice price of $502,000. On May 2, it paid $4,000 for delivery of the robots. A one-year, $5,500 insurance policy on the robots was purchased on May 3. On May 30, Blossom paid $10,000 for assembly, installation and testing of each robot on a production line. The robots started operating or were ready for use on July 1. Blossom estimates the useful life of the robots will be four years or 9,500 units with a residual value of $90,000. Assume the robots collectively produce the following numbers of units each year: 1,500 units in 2024;2,500 units in 2025;2,300 units in 2026;2,200 units in 2027; and 1,000 units in 2028. Blossom has a December 31 year end. (a) Determine the total cost of the robots. Calculate the annual depreciation and total depreciation over the robots' lives using the: (Round the depreciation cost per unit to 2 decimal places, es 25.50 and final answers to 0 decimal places, eg. 5,275 .) (1) Straight-line method (2) Double-diminishing-balance method (3) Units-of-production method Which method causes net income to be lower in the early years of the robots' lives