View Policies Current Attempt in Progress A machine cost $1,042,000 on April 1, 2020. Its estimated salvage value is $109,200 and its expected life is 4 years. (a1) Calculate the depreciation expense by straight-line for 2020. (Round answer to O decimal places, e.g. 5,275.) Depreciation expense $ Save for Later Attempts: 0 of 1 used Submit AnswerIvanhoe Company sells TVs. The perpetual inventory was stated as $38,000 on the books at December 31, 2020. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows. 1. TVs shipped to a customer January 2, 2021, costing $4,900 were included in inventory at December 31, 2020. The sale was recorded in 2021. 2. TVs costing $15,000 received December 30, 2020, were recorded as received on January 2, 2021. 3. TVs received during 2020 costing $4,200 were recorded twice in the inventory account. 4. TVs shipped to a customer December 28, 2020, f.o.b. shipping point, which cost $9,700, were not received by the customer until January, 2021. The TVs were included in the ending inventory. 5. TVs on hand that cost $6,600 were never recorded on the books. Compute the correct inventory at December 31, 2020. Correct inventory $Flint Department Store wishes to use the retail LIPO method of valuing inventories for ZU21. The appropriate data are as follows: At Cost At Retail December 31, 2020 inventory (base layer) $1,295,500 $2,118,000 Purchases (net of returns, allowances, markups, and markdowns) 2,118,000 3,530,000 Sales revenue 3,165,000 Price index for 2021 104 Complete the following schedule. (Round answers to O decimal places, e.g. 5,275.) Computation of Retail Inventory for 2021 Cost Retail Ratio Inventory, December 31, 2020 $ $ Purchases (net of returns, allowances, markups, and % markdowns) Total available $ $ Less: Sales Inventory, December 31, 2021,Less: Sales Inventory, December 31, 2021, at retail $ Adjustment of Inventory to LIFO Basis Cost Retail Ending inventory at base year prices Beginning inventory at base year prices Increase at base year prices Increase at 2021 retail Increase at 2021 cost Inventory, December 31, 2021, at LIFO costDuring June, the following changes in inventory item 27 took place: June 1 Balance 1,380 units @ $38 8 Sold 370 units @$70 10 Sold 1,010 units @$64 14 Purchased 830 units @$55 24 Purchased 600 units @ $44 29 Sold 460 units @ $68 Perpetual inventories are maintained. (a) What is the cost of the ending inventory for item 27 under the FIFO method? Cost of the ending inventory $The December 31, 2020 inventory of Cullumber Company consisted of four products, for which certain information is provided below. Estimated Replacement Disposal Expected Normal Profit Product Original Cost Cost Cost Selling Price on Sales A $24.00 $22.00 $5.00 $43.00 30.00% $46.00 $44.00 $9.00 $54.00 25.00% $148.00 $143.00 $24.00 $180.00 30.00% $19.00 $15.90 $3.00 $29.00 10.00% Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.) Product A LA B LA C LA D
