Lime company purchased 400 units for $40 each on January 31 . It purchased 95 units for $50 each on February 28. It sold 150 units for $65 each from March 1 through December 31 . If the company uses the last-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) $20,750 $4750 $16,000 $6950 On January 1 , Year 1 , Guava Company acquired a machine for $1,060,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $60,000. Calculate the depreciation expense per year using the straight-line method. $260,000 $212,000 $200,000 $265,000