Depreciation of noncurrent operating assets is an accounting process for the purpose of allocating asset costs over the periods benefited by use of the assets.
Depreciation refers to an expense for a business to use non-current asset in order to generate economic benefits. Here the purpose of depreciation is to have balance sheet report the current value of an asset.
An accounting method used to allocate the cost of a tangible or physical asset over its useful life is known as depreciation. Companies usually take depreciation regularly so they can move their asset costs from their balance sheets to their income statements.
Hence, depreciation of noncurrent operating assets are benefited by use of the assets.
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What are the answers to your question
Answer:
C) $130,000
Explanation:
Based on the lower of cost or market rule, the valued of the inventory would be
Replacement cost = $130,000
Selling price = $150,000 - $150,000 × 10% = $135,000
After considering the normal gross profit ratio, the value would be
= $135,000 - $150,000 × 20%
= $105,000
If we compare the cost and replacement value, then the less value would be considered i.e $130,000
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