AC2799 Wk4 Exercise - 5,000 2012 2013 2014 2015 Depreciatio...

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Jonathon Myhre 8/28/15 AC2799: Week 4 Exercise Gold’s Sold & Depreciation Gold’s Sold & Depreciation Jonathon Myhre ITT Technical Institute AC2799: Accounting Capstone
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Jonathon Myhre 8/28/15 AC2799: Week 4 Exercise Gold’s Sold & Depreciation Task 1 Depriciation Ware House Land: Assuming no depreciation for land Cost of Asset $56,000 Depreciation value 0 Warehouse Cost Of Asset $39,000 Less: Expected Salvage Value $10,000 Depreciation cost (amount to be depreciated over the estimated useful life) $29,000 Years of Useful life 30 Depreciation expense per year 967 2012 2013 2014 2015 Depreciatio n Expense: 483.5 967 967 483.5 Machinery Cost Of Asset $22,000 Less: Expected Salvage Value $6,000
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Jonathon Myhre 8/28/15 AC2799: Week 4 Exercise Gold’s Sold & Depreciation Depreciation cost (amount to be depreciated over the estimated useful life) $16,000 Years of Useful life 5 Depreciation expense per year 3,200 2012 2013 2014 2015 Depreciatio n Expense: 3,200 3,200 3,200 1,600 Truck Cost Of Asset $20,000 Less: Expected Salvage Value 0 Depreciation cost (amount to be depreciated over the estimated useful life) $20,000 Years of Useful life 4 Depreciation expense per year
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Unformatted text preview: 5,000 2012 2013 2014 2015 Depreciatio n Expense: 5,000 5,000 5,000 2,500 Jonathon Myhre 8/28/15 AC2799: Week 4 Exercise Gold’s Sold & Depreciation Task 2: Cost of Goods Sold Calculations Question 1 The main characteristic in the last-in, first-out method in determining the cost of goods sold is that one considers the last item purchased first, and then proceeds in reverse up to the point where there is no total cost of the total value of items sold during the period. Blood Pressure Monitors: 2014 Annual sales of 250 units Ending Inventory is 60 units. Beginning Inventory $89,950 Add Additional Inventory Manufactured ($29,325 + 99,000) $128,325 Minus Ending Inventory $ 0 Cost of Goods Sold $218,275 Question 2 Ultrasound Scanners: Jonathon Myhre 8/28/15 AC2799: Week 4 Exercise Gold’s Sold & Depreciation 2014 Annual sales of 2,600 units Ending Inventory is 1,350. Beginning Inventory $261,600 Add Purchases (108,750 + 40,000) $148,750 Less Ending Inventory (1,350 * 40) $54,000 $356,350...
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