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Weighted-average unit cost $ 6.131 eTextbook and Media Attempts: 4 of 5 used (a2) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) Cost of the FIFO $ 1599 $ ending inventory Cost of goods $ 2870 $ sold LIFO $ $ Average-cost On April 1, 2024, Titan Corporation purchases office equipment for $75,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. Note: Round "Depreciation Rate per MACRS" answers to 2 decimal places. Round your final answers to nearest whole dollars. Depreciation Year Basis for × MACRS Depreciation Rate per MACRS MACRS Depreciation Bonus Depreciation Total Depreciation

Weighted-average unit cost $ 6.131 eTextbook and Media Attempts: 4 of 5 used (a2) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) Cost of the FIFO $ 1599 $ ending inventory Cost of goods $ 2870 $ sold LIFO $ $ Average-cost On April 1, 2024, Titan Corporation purchases office equipment for $75,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. Note: Round "Depreciation Rate per MACRS" answers to 2 decimal places. Round your final answers to nearest whole dollars. Depreciation Year Basis for × MACRS Depreciation Rate per MACRS MACRS Depreciation Bonus Depreciation Total Depreciation

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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Weighted-average unit cost $ 6.131 eTextbook and Media Attempts: 4 of 5 used (a2) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) Cost of the FIFO $ 1599 $ ending inventory Cost of goods $ 2870 $ sold LIFO $ $ Average-cost
Transcribed Image Text:Weighted-average unit cost $ 6.131 eTextbook and Media Attempts: 4 of 5 used (a2) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) Cost of the FIFO $ 1599 $ ending inventory Cost of goods $ 2870 $ sold LIFO $ $ Average-cost
On April 1, 2024, Titan Corporation purchases office equipment for $75,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. Note: Round "Depreciation Rate per MACRS" answers to 2 decimal places. Round your final answers to nearest whole dollars. Depreciation Year Basis for × MACRS Depreciation Rate per MACRS MACRS Depreciation Bonus Depreciation Total Depreciation
Transcribed Image Text:On April 1, 2024, Titan Corporation purchases office equipment for $75,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. Note: Round "Depreciation Rate per MACRS" answers to 2 decimal places. Round your final answers to nearest whole dollars. Depreciation Year Basis for × MACRS Depreciation Rate per MACRS MACRS Depreciation Bonus Depreciation Total Depreciation
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