Question: Answer #5-7 please 4) Using the Specific Identification Method - the $2 spoons are plain - the $3 spoons have a design. We sold 4000

Answer #5-7 please
Answer #5-7 please 4) Using the "Specific Identification Method - the $2
spoons are plain - the $3 spoons have a design. We sold

4) Using the "Specific Identification Method - the $2 spoons are plain - the $3 spoons have a design. We sold 4000 plain spoons and 2000 designed spoons. Calculate the Cost of Goods Sold and make the following Journal Entry (show work) For Questions 5-7 We buy a $15,000 Spoon Machine on 1/1/21-it will last 10 years with SO value at 12/31/30. It will make 10,000 spoons before becoming scrap. In Year 1 we make 1500 spoons 5) Using the "Straightline" method of Depreciation, calculate Deprecation expense for 2021 and make the following lournal Entry (show work) 6) Using the "Units of Production" method of Depreciation, calculate Deprecation expense for 2021 and make the following lournal Entry (show work) I 7) Using the "Double Declining-Balance method of Depreciation, calculate Deprecation expense for 2021 and make the following Journal Entry (show work)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!