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Could you please explain how to do the following? A machine cost $1,052,000on April 1, 2020. Its estimated salvage value is $138,000and its expected life
Could you please explain how to do the following?
- A machine cost $1,052,000on April 1, 2020. Its estimated salvage value is $138,000and its expected life is4years. What is the depreciation expense for 2021 using the double-declining balance?
2. During June, the following changes in inventory item 27 took place:
June1 Balance 1,390units@ $35
8 Sold 320units@ $71
10 Sold 1,070units@ $62
14 Purchased 810units@ $53
24 Purchased 610units@ $44
29 Sold 540units@ $67
Perpetual inventories are maintained.
What is the cost of the ending inventory for item 27 under the FIFO method?
3.
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