Financial Accounting Depreciation And Inventory Valuation Methods Homework Help
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1.Inventory valuation methods: computations and concepts.
Wave Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:
1/3: Purchase 100 boards @$125
3/17: Sold 50 boards @ $130
5/9: 5/9: 246 boards @140
7/3: 400 boards @ $150
10/23: 74 boards @$160
Wave Riders sold 710 boards at an average price of $250 per board. The company uses a periodic inventory system.
Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
2. Which of the three methods would be chosen if management’s goal is to
(1) Produce an up-to-date inventory valuation on the balance sheet?
(2) Approximate the physical flow of a sand and gravel dealer?
(3) Report low earnings (for tax purposes) for a separate electronics company that has been experiencing declining purchase prices?
Betsy Ross Enterprises purchased a delivery van for $30,000 in January 20X7. The van was estimated to have a service life of 5 years and a residual value of $6,000. The company is planning to drive the van 20,000 miles annually. Compute depreciation expense for 2018 by using each of the following methods
a. Units-of-output, assuming 17,000 miles were driven during 20X8
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Alpha , a college fraternity, purchased a new heavy-duty washing machine on January 1, 2013. The machine, which cost $1,000, had an estimated residual value of $100 and an estimated service life of 4 years (1,800 washing cycles). Calculate the following
a. The machine s book value on December 31, 2015, assuming use of the straight-line depreciation method
b. Depreciation expense for 2014, assuming use of the units-of-output depreciation method. Actual washing cycles in 2014 totaled 500.
c. Accumulated depreciation on December 31, 2015, assuming use of the double-declining-balance depreciation method.
5.Depreciation computations: change in estimate.Aussie Imports purchased a specialized piece of machinery for $50,000 on January 1, 2013. At the time of acquisition, the machine was estimated to have a service life of 5 years (25,000 operating hours) and a residual value of $5,000. During the 5 years of operations (2013 – 2017), the machine was used for 5,100, 4,800, 3,200, 6,000, and 5,900 hours, respectively.
a. Compute depreciation for 2013 – 2017 by using the following methods: straight line, units of output, and double-declining-balance.
b. On January 1, 2015, management shortened the remaining service life of the machine to 20 months. Assuming use of the straight-line method, compute the company s depreciation expense for 2015.
c. Briefly describe what you would have done differently in part (a) if Aussie Imports had paid $47,800 for the machinery rather than $50,000 In addition, assume that the company incurred $800 of freight charges $1,400 for machine setup and testing, and $300 for insurance during the first year of use.
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