Answer:
$62,960
Explanation:
Computation for the cost of goods sold for Year
Using this formula
Cost of goods sold for Year=Cash payments for inventory, purchased and manufactured -Increase in inventories during
Let plug in the formula
Cost of goods sold for Year=$64,713 million-$1,753 million
Cost of goods sold for Year=$62,960
Therefore the cost of goods sold for Year will be $62,960
Answer:
b. $16,700
Explanation:
The computation of the depreciation expense under the straight line method is shown below:
= (Original cost - residual value) ÷ (useful life)
= ($98,500 - $15,000) ÷ (5 years)
= ($83,500) ÷ (5 years)
= $16,700
In this method, the depreciation is same for all the remaining useful life
The original cost is computed below:
= $85,000 + $3,500 + $10,000
= $98,500
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