Answer and Explanation:
The journal entries are shown below:
1 Equipment $53,420
To Cash $53,420
(Being the equipment is purchased for cash is recorded)
The computation is given below:
= Cash price of machine + sales tax + shipping cost + insurance during shipping + installation and testing cost
= $49,500 + $3,650 + $100 + $60 + $110
= $53,420
2. Depreciation expense $9,614
To Accumulated Depreciation - Equipment $9,614
(Being the depreciation expense is recorded)
The computation is shown below:
= ($53,420 - $5,350) ÷ ( 5 years)
= $9,614
= (9-5)
When you hit enter, it will give you the value of 4.
Answer:
B. $250,300.
Explanation:
We are asked to solve forthe amoung of cost of goods sold.
we add up the beginning FG and the manufactured goods
then we subtract the ending FG which represent the unsold amount
Cost Of Goods Sold
beginning Finished Goods 72,300
Cost Of Goods Manufactured <u> 246,300</u>
Total goods available for sale 318,600
ending FG <u> -68,300</u>
Cost Of Goods Sold 250300
