1. During July, the first month of the fiscal year, sales totaled $2,975,000 and the...
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Accounting
1. During July, the first month of the fiscal year, sales totaled $2,975,000 and the cost of merchandise available for sale totaled $2,950,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 45%. 2. A machine costing $500,000 with an 8-year life and $5,000 residual value was purchased on January 2. A) What will be the depreciation expense for the machine in Year 4 (rounded to two decimal places) using the double declining balance method? B) What would be the total accumulated depreciation using the double declining balance method in Year 4 (rounded to two decimal places)? C) What would be the total accumulated depreciation in Year 4 if the straight-line method was used
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