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kvv77 [185]
3 years ago
12

On July 1, 20X1, Georgia Inc., which uses UOP depreciation, purchases a machine for $16,000; the company estimates that the mach

ine will have a useful life of 15,000 machine hours and a salvage value of $1,000. You are given the following usage data: 20X1 3,000 hours 20X2 2,200 hours 20X3 6,170 hours 20X4 5,300 hours Depreciation expense on the machine for 20X1 is:
a. $1,600
b. $3,000
c. $1,500
d. $3,200
e. $16,000
Business
1 answer:
Elina [12.6K]3 years ago
8 0

Answer:

Annual depreciation= $3,000

Explanation:

Giving the following information:

Purchase price= $16,000

Useful life= 15,000 machine hours

Salvage value= $1,000

Machine hours 20X1= 3,000

<u>To calculate the depreciation expense for 20X1, we need to use the following formula:</u>

Annual depreciation= [(original cost - salvage value)/useful life of production in hours]*hours operated

Annual depreciation= [(16,000 - 1,000) / 15,000]* 3,000

Annual depreciation= $3,000

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Explanation:

Note : The question requires us to use the weighted-average method. This method focuses on equivalent units of completed units and units still in process only.

Step 1 : Determine units completed and transferred

Units Completed = Beginning units + Units Started - Ending units

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Step 2 : Calculate equivalent units of production with respect to conversion costs

Completed and transferred (1,100 x 100%)         1,100

Ending units (100 x 40%)                                         40

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thus,

the equivalent units of productions for the period (using the weighted-average method) for conversion is 1,140 units.

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