Bonita Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine was $139,200. The company estimated that the machine would have a salvage value of $21,300 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 22,500 hours. Year-end is December 31 Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, eg, 5.35 for computational purposes. Round your answers to decimal places, s. 45,892) (a) Straight-line depreciation for 2020 (b) Activity method for 2020, assuming that machine usage was 800 hours (c) Sum-of-the-years-digits for 2021 (d) Double declining balance for 2021 Beginning inventory Purchases $323,000 $570,000 1,444,000 2,546,000 61,560 133,000 Freight on purchases Markups Markup cancellations Abnormal shortage Markdowns 106,400 11,400 19,760 66,880 Markdown cancellations 9,120 3,952 Employee discounts Sales revenue Sales returns Normalshortage Purchase returns 2.717.000 76,000 13,300 31,160 16.720 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 0.4158 to 41.6% and final answer to 0 decimal places, eg, 5,275.) Ending inventory$ At the beginning of 2017, Sandhill Company acquired a mine for $1,949,200. Of this amount, $114,000 was ascribed to the land value ar the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 6,840,000 tons of the ore appear to be in the mine. Sandhill incurred $57,000 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $23,000. During 2017, 1,370,000 units of ore were extracted and 1,140,000 of these units were sold. Compute the following. The total amount of depletion for 2017. (Round per unit answer to 2 decimal places, eg. 0.45 for computational purpose and final answer to O decimal places, e.g. 45,892.) Depletion for 2017 $ Inventory at cost Apr. 30 $15,260 Jan. 31 Feb. 28 Mar. 31 $16,350 $16,459 $18,530 15,805 13,734 17,004 18,530 26,160 Inventory at LCNRV 14,497 28,885 Purchases for the month Sales for the month 31,610 38,150 43,600 From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, Marc The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately valuation account). (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45)) February March Sales Revenue Cost of Goods Sold Inventory. Beginning Purchases
