Salmone Company reported the following purchases and sales o…

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 220 units @ $17   May 5 Purchase 255 units @ $19   May 10 Sales   175 units @ $27 May 15 Purchase 135 units @ $20   May 24 Sales   125 units @ $28

 Wickland Company installs a manufacturing machine in its pr…

 Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine’s useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value. During its second year, the machine produces 84,500 units of product. Determine the machines’ second year depreciation under the straight-line method.