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I need answers for these two questions, please. Question #3 Dockers Inc. beginning inventory and purchases during the year ended December 31, 2019 were as
I need answers for these two questions, please.
Question #3 Dockers Inc. beginning inventory and purchases during the year ended December 31, 2019 were as follows: Total Cost Date Inventory: January 1 Purchases: March 10 | August 30 November 26 Sales: June 25 October 5 December 31 Units Unit Cost 1000 units @ $50.00 1200 units @ $52.50 800 units @ $55.00 2000 units @ $56.00 800 units 1500 units 1000 units $ 50.000 63,000 44,000 112,000 Required: a) Determine the cost of inventory on December 31, 2019 using the perpetual inventory system under each of the following inventory costing methods: i) First in, first-out ii) Last in, first-out iii) Average inventory valuation b) Assume that during the fiscal year, ended December 31, 2019 net sales were $ 290,000 determine gross profit for each of the above methods. Question #4 Home center Inc. a furniture whole seller acquired new equipment at a cost of $150,000 at the beginning of the fiscal year. The equipment as an estimated life of five year and an estimated residual value of $12,000. President of Home center has requested information regarding alternative depreciation methods. Expected useful life of machine is 12,000 hours. Actual annual hourly operations of the machine is as below: Year Hours Used 2016 3600 Hours 2017 2800 Hours 2018 2200 Hours 2019 T 2000 Hours Required: a) Calculate yearly deprecation amount and the accumulated depreciation amount under the following methods; i) Straight line method ii) Reducing balance method iii) Double declining method iv) Units of activity method v) Sum of year digit methodStep by Step Solution
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