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please answer this question. there are 5 parts to this. thank you. Cullumber Company sells coffee beans, which are sensitive to price fluctuations. The following
please answer this question. there are 5 parts to this. thank you.
Cullumber Company sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2017: Coffee Bean Type Coffea Arabica Coffea robusta Units of inventory 14,200 5,100 Unit cost $5.30 Market Value/Unit $5.24 $3,70 $3,80 Calculate the value Cullumber should report for ending inventory on December 31, 2017 after applying the lower-of-cost- or-market rule. In its 10-K filing for fiscal year 2019, Apple Inc. reported annual cost of goods sold (in millions) of $144,996. Ending inventory balances were $4,106 at 6/28/19 and $3,956 at 9/29/18 (also in millions). a. Calculate Apple's inventory turnover ratio for FY 2019. Round your answer to one decimal place (e.g., xx.x). b. Using the rounded answer to part a, calculate Apple's Days in Inventory value for FY 2019. Round your answer to one decimal place (e.g, xx.x). Haddon Incorporated owns a delivery truck. The company purchased the truck on January 1, 2016 and put it into service on that date. The truck's original acquisition cost was $12,000 and its annual deprecation is $1,000. 1. What is balance of the Delivery truck account on December 31, 2017 2. What is the balance of the Accumulated depreciation account on December 31, 2017? 3. What is the net book value of the delivery truck on December 31, 2017? On January 1, 2018, Haddon spends $2,000 on the delivery truck to improve the truck's gas mileage. Additionally, the annual depreciation increases to $1,200. 1. What is the balance of the Delivery truck account on December 31, 2018? 2. What is the balance of the Accumulated depreciation account on December 31, 2018? 3. What is the net book value of the delivery truck on December 31, 2018? The Lark Company purchases a warehouse on July 1, 2015 for $120,000. They assign the warehouse a useful life of 20 years. a. Calculate the annual depreciation expense that Lark must recognize for the warehouse over the next 20 years. b. Calculate the accumulated depreciation on the warehouse as of June 30, 2017. c. Calculate the net book value of the warehouse as of December 31, 2018. Scrimshander, Inc. is a shipping company, transporting goods using cargo ships. On January 1, 2017, the company purchases and puts into service a cargo ship costing $10,000,000. The expected useful life of the ship is 25 years. Scrimshander uses straight-line depreciation. 1. Calculate the annual depreciation expense that Scrimshander must recognize on the cargo ship over the next 25 years. 2. Calculate the net book value of the cargo ship as of December 31, 2020. 3. Calculate the net book value of the cargo ship as of December 31, 2041. 4. Assume that Scrimshander continues using this cargo ship throughout 2042. How much depreciation expense should Scrimshander recognize for that year Step by Step Solution
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