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please solve 7,8 please it's a request please step by step please I will give you a thumbs up please do it please... Question 7

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please solve 7,8 please it's a request please step by step please I will give you a thumbs up please do it please...

Question 7 A machine costing $210,000 with a four-year life and an estimated $20,000 salvage value is installed in Calhoon Company's factory on January 1. The factory manager estimates the machine will produce 475,000 units of product during its life. It actually produces the following units: year 1, 121,400; year 2, 122,400; year 3, 119,600; and year 4, 118,200. The total number of units produced by the end of year 4 exceeds the original estimatethis difference was not predicted. (The machine must not be depreciated below its estimated salvage value.) Required: Prepare a table to present comparative depreciation figures for each year under the SLM, UAM, and DBM. Use double declining rate for DBM. Question 8 Gabriela Sabatini, a former professional tennis star operates her own tennis shop, 'Sabatini Tennis Shop'. At the beginning of the current season her business holds the following inventory balances. No. of units Racquets Tennis shoes Shirts and Shorts 30 20 35 Cost price per unit $40 $25 $30 Selling price per unit $60 $40 $45 The following transactions were completed during June. June 04 Purchase 11 racquets from Reeve Co. @ $45 each; FOB shipping point, terms 2/10, n/30. The : appropriate party paid freight of $20. 05 Incurred advertisement on account $2,500. : 06 Received credit of $45 from Reeve Co. for a damaged racquet that was returned. : 08 Sold tennis shoes of 5 units to members; FOB shipping point, terms 1/10, n/60. The appropriate : party paid freight of $10. 12 Purchase Shirts & Shorts from Lee Enterprise $250; FOB Destination, terms 3/10, n/40. The : appropriate party paid freight of $15. 13 Paid Reeve Co. in full. : 16 Sold racquets of 15 units to DD Enterprise for cash; FOB Destination. The appropriate party paid : freight of $30. 17 Receive cash payment from members for the merchandise sold on June 8. : 20 Purchase supplies on account $50 from Lesner Supply Co. : 22 Made refund of $120 to DD Enterprise for merchandise returned by them. : 23 Sabatini withdraw $1,200 cash for her personal use. : 25 Paid Lee enterprise in full. : Journalize the above transactions assuming the entity is following perpetual inventory system and use LIFO cost flow method in valuing inventory. Question 9 Superior Company has the following cost and expense data for the year ending December 31, 2017. Raw materials, 1/1/17 $ 30,000 Insurance, factory $ 14,000 Raw materials, 12/31/17 20,000 Property taxes, factory building 6,000 Raw materials purchases 205,000 Sales revenue 1,500,000 Indirect materials 15,000 Delivery expenses 100,000 Work in process, 1/1/17 80,000 Sales commissions 150,000 Work in process, 12/31/17 50,000 Indirect labor 90,000 Finished goods, 1/1/17 110,000 Factory machinery rent 40,000 Finished goods, 12/31/17 120,000 Factory utilities 65,000 Direct labor 350,000 Depreciation, factory building 24,000 Factory manager's salary 35,000 Administrative expenses 300,000 Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2017. (b) Prepare an income statement for Superior Company for 2017

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