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solve this for me please i have tries lot but i am not able to do Question 1 (This question consists of 2 unrelated parts)
solve this for me please i have tries lot but i am not able to do Question 1 (This question consists of 2 unrelated parts) Part A Presented below are selected transactions for the Lindor Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2011. The machine cost $95,000 on that date, and had a useful life of 10 years with no salvage value. Sold a printing machine for $30,000 that was purchased on January 1, 2018. The machine cost $50,000 and had a useful life of 5 years with no salvage value. Dec. 31 Scrapped a business automobile that was purchased on June 30, 2017. No cash was received on disposal. The car cost $30,000 and was deprecated on a 5-year useful life with an estimated salvage value of $2,000. Instructions Journalize all entries required as a result of the above transactions. Lindor Company uses the straight-line method of depreciation and has recorded depreciation up to December 31, 2020. Part B The following information is avallable for Netto Company for 2021. Netto uses the LIFO Inventory method. Beginning inventory $ 700,000 Ending Inventory 800,000 Beginning LIFO reserve 300,000 Ending UFO reserve 380,000 Cost of goods sold 5,910,000 Sales 8,600,000 Instructions 1. Calculate the inventory turnover ratlo and days in Inventory for Netto based on LIFO. 2. Calculate the Inventory turnover ratlo and days in Inventory on a FIFO basis, after adjusting for the LIFO reserve. 12 Marks 5
solve this for me please i have tries lot but i am not able to do
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