The Lily Company uses the periodic inventory system. The fol…

The Lily Company uses the periodic inventory system. The following May data are for an item in Lily’s inventory:  Quantity Unit Cost  Beginning balance, May 1 `x` $`a` Purchased, May 12 `y` $`b` Purchased, May 25 `z` $`c` Sold, May 16 `j` Calculate the Ending Inventory at May 31 using the last-in, first-out (LIFO). 

Alling Company bought a machine on January 1, Year 1.  The m…

Alling Company bought a machine on January 1, Year 1.  The machine cost $450,000 and had an expected salvage value of $50,000.  The life of the machine was estimated to be 5 years. Using straight line depreciation, the book value of the machine at the beginning of the second year would be: