Sheridan Limited purchased four articulated robots on account on May 1.2024, at an invoice price...
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Sheridan Limited purchased four articulated robots on account on May 1.2024, at an invoice price of $536,000. On May 2. it paid $4,000 for delivery of the robots. A one-year, $5,500 insurance policy on the robots was purchased on May 3. On May 30, Sheridan paid $10,000 for assembly, installation and testing of each robot on a production line. The robots started operating or were ready for use on July 1. Sheridan estimates the useful life of the robots will be four years or 9,600 units with a residual value of $100.000. Assume the robots collectively produce the following mumbers of units each year: 1.500 units in 2024; 2,500 units in 2025; 2,300 units in 2026;2,300 units in 2027; and 1,000 units in 2028. Sheridan has a December 31 year end. Determine the total cost of the robots. Cost of the robots eTextbook and Media
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