Question
Question 31 Q: A company purchases a patent for $90,000 on July 1, 2021. The patent's useful life at time of purchase is 15 years.
Question 31
Q: A company purchases a patent for $90,000 on July 1, 2021. The patent's useful life at time of purchase is 15 years. How much amortization expense should the company record for calendar year 2021?
| A. | 7,500 |
| B. | 7,000 |
| C. | 6,500 |
| D. | 6,000 |
1 points
Question 32
Q: ABC Corp. has 110 units of inventory. 50 were purchased on April 15 and have a unit cost of $5.00. 60 were purchased on May 1 and have a unit cost of $5.20. On May 3, ABC sells 55 units of this product. Using the LIFO (last-in, first out) cost flow assumption, what is the ending value of inventory (55 units)?
| A. | 277.50 |
| B. | 276.50 |
| C. | 276 |
| D. | 275 |
1 points
Question 33
Q: Which of the following is never capitalized?
| A. | Patent |
| B. | Trademark |
| C. | Research and development |
| D. | Copyright |
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