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On January 1, 2020, a truck was purchased for the cost of $89,670. The following information is being used to calculate depreciation: - These trucks
On January 1, 2020, a truck was purchased for the cost of $89,670. The following information is being used to calculate depreciation: - These trucks can usually drive an average of 345,000 KMs in their life-time. - The truck is estimated to have a 5 year useful life and a residual value of $6,540 - The truck was driven for 29,568 KM in 2020 and 38,192 KM in 2021. The company's fiscal year end is November 30. The units-of-production method is used to depreciate the asset. Round the kilometer rate to three decimal places (e.g. $1.035/km). 1. Depreciation expense for fiscal year 2020 is: (nearest dollar without comma, e.g. 15000): 2. Depreciation expense for fiscal year 2021 is: (nearest dollar without comma, e.g. 15000): 3. The truck's carrying amount, November 30, 2021: (nearest dollar without comma, e.g. 15000): of Units Mateja's Company (MC) uses the perpetual inventory and weighted average cost to value its inventory and cost of goods sold. MC recorded the following inventory transactions during the month of May. Purchases Sales Units Unit Cost Unit Price May | Beginning inventory 80 $70 4 Purchase 120 $80 7 Sale 105 $135 11 Purchase 85 $90 19 Sale 70 $135 Instructions: Use the perpetual weighted average method to answer the following questions concerning May inventory transactions. Calculate unit costs to the nearest penny ($0.01). Calculate inventory and cost of goods sold to the nearest dollar ($1). Part A: What is unit cost for the May 7 sale ($)? Part B: What is the inventory balance (s) after the May 7 sale? Part C: What is unit cost for the May 19 sale (s)? Part D: What is the cost of goods sold for the month of May ($)? 0 Part E: What is the ending inventory balance ($) on May 31
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