Overtis-1. Beginning inventory, purchases, and sales for fem "X" are as follows Beginning Inventory April, 1 S 15 57 units at $14 29 40 units Assuming a perpetual inventory system and using the first-in. first-out (110), lost-in-first-out (LIFO) Average costing methal, determine (0) The cost of goods sold on April 29 & (i) The cost of ending inventory on April 30. 47 Quests -2 Estimate the cast of goods sold & ending inventory by the gross profit method given the following data: Beginning inventory Bir 40,000.00, net purchases Bir 100,000.00, net sales Birr 112,000.00, press profit rate of 25% of net sales. Quotes J. Machinery purchased for Br 200,000 at the beginning of the year has an estimated life of 5 years and a residual value of Br 20,000 Required: Compute the annual tyearly) depreciation expense for each of the five years, by using; a) Straight-line depreciation method. b) Double-declining balance depreciation method c) Sum-of-the-years-digits method d) If the machinery is expected to have a useful life of 18,000 operating hours & was operated during the year I through year 5. 4100 hours, 2.700 hours, 4.200 hours 3.000 hours and 100 hours Compute the annual (yeatly) depreciation expense for each of the five years, by using the Units of-Production Method. 4 Rainbow Mining Co acquired mineral rights for the 30,000,000. The mineral deposit is estimated at 75,000,000 tons. During the current year, 11,250,000 tons were mined and sold Required: A Determine the amount of depletion expense for the current year B. Joumalize the adjusting entry to recognize the depletion expers.
