15 May QuestionProblem 1. Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first un
Question
Problem 1. Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $800 and the second, $700. One of the items was sold during the year.
Required:
Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of:
a. LIFO
b. FIFO
c. Weighted average
| Cost of goods sold | Ending inventory | |
| LIFO | ||
| FIFO | ||
| Weighted Average |
Problem 2. Teague Company purchased a new machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an eight-year life and a $15,000 salvage value. The machine is expected to produce 675,000 finished products during its eight-year life. Smith produced 70,000 units in 2012 and 110,000 units during 2013.
Required:
1) Determine the amount of depreciation expense to be recorded on the machine for the years 2012 and 2013 under each of the following methods:
| 2012 | 2013 | |
| a) Straight-line method | ||
| b) Units of production method | ||
| c) Double-declining balance method |
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