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Question
On January 1, Year 1, Naples purchased a computer system that cost $1,480,000. The estimated useful life of the computer is 3 years and salvage value is $40,000. Straight-line depreciation is to be used. On January 1, Year 2, Naples determined that the estimated useful life of the computer would be 4 years instead of 3 years. The estimated salvage value will only be $10,000.Prepare the journal entry to record depreciation expense for Year 1.
Prepare the journal entry to record depreciation expense for Year 2.
Answer
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Q:
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
Q:
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Direct materials $3 per unit
Overhead
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Total fixed overhead $85,000
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E. $16.50 per unit
Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
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Q:
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Direct labor $2.50 per unit
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Q:
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Given the Cool Pools Company data, what is net income using absorption costing?
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E. $1,708,600
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D. $177,600
E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
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D. $16,800,000
E. $16,220,000