A company purchased a weaving machine for $298,810. The mach…

A company purchased a weaving machine for $298,810. The machine has a useful life of 8 years and a salvage value of $16,500. It is estimated that the machine could produce 763,000 bolts of woven fabric over its useful life. In the first year, 111,500 bolts were produced. In the second year, production increased to 115,500 units. Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year?

Clayborn Company’ bank reconciliation as of May 31 is shown…

Clayborn Company’ bank reconciliation as of May 31 is shown below. Bank balance $ 15,800 Book balance $ 17,025 + Deposit in transit +5,200 Bank service fees −25 − Outstanding checks −4,600 NSF returned −600 Adjusted bank balance $ 16,400 Adjusted book balance $ 16,400 One of the journal entries that Clayborn must record as a result of the bank reconciliation includes:

A company’s inventory records indicate the following data fo…

A company’s inventory records indicate the following data for the month of January: Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 360 units @ $18 = $6,480 January 8 Purchase 340 units @ $20 = $6,800 January 12 Sale 600 units @ $70 January 17 Purchase 400 units @ $22 = $8,800 January 23 Sale 300 units @ $70 January 28 Purchase 460 units @ $24 = $11,040 If the company uses the LIFO periodic inventory system, what would be the cost of the ending inventory?

Bedrock Company reported a December 31 ending inventory bala…

Bedrock Company reported a December 31 ending inventory balance of $415,000. The following additional information is also available: The ending inventory balance of $415,000 included $73,800 of consigned inventory for which Bedrock was the consignor. The ending inventory balance of $415,000 incorrectly included $25,600 of office supplies that were stored in the warehouse and were to be used by the company’s supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is: