Answer:
1. $3375
$3375
2. $4347
$3456
3 $7300
$5475
Explanation:
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
( $29,200 - $2,200,) / 8 = $3375
depreciation expense each year is $3375
Depreciation expense using the double declining method = Depreciation factor x cost of the asset
Depreciation factor = 2 x (1/useful life) = 2/8 = 0.25
2020 = 0.25 x 29200 = 7300
2021 = 0.25x( 29200 - 7300)
Activity method based on output = (output produced that year / total output of the machine) x (Cost of asset - Salvage value)
Answer:
False
Explanation:
A firm should end production and shut down only when its total revenue falls below variable costs, because at this point, production will bring about more losses, compared to if the company isn't producing at all.
<u>If total revenue exceeds and can cover its variable cost, a firm should remain in operation in the short run</u> (even if it is incurring losses), as this contributes to paying off the firm's fixed costs.
Answer:
<u>c. $2,018.00</u>
Explanation:
Lower of cost or market is the inventory valuation method which requires to record the inventory at a value lower of
- Initial cost of inventory ( Manufacturing cost or Purchasing cost )
- Market value of the Inventory ( Net realizable value of the market )
Product__Quantity__Cost per unit__Market per unit___ Lower ____Value
Jelly _____150 ______$2.00 ______2.15___________ $2.00____ $300
Jam _____ 370 _____ $2.65 ______2.50 __________ $2.50 ____ $925
Marmalade 260 _____ $3.10 ______3.05 __________ $3.05 ____ $793
Total Value ___________________________________________<u>$2,018</u>
Tragic flaw is a literary device that can be defined as a trait in a character leading to his downfall, and the character is often the hero of the literary piece. This trait could be the lack of self-knowledge, lack of judgment, and often it is hubris (pride).
