1)You have a combine that was purchased for $300,000, has a useful life of 10 years, and has a salvage value of $50,000

1)You have a combine that was purchased for $300,000, has a useful life of 10 years, and has a salvage value of $50,000. What is the value of the combine after subtracting two years of depreciation using (1) the triple declining balance method and (2) straight line depreciation method?

2)Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $2.50 and $1.15, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion 0 4,600 58,000 58,000 Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) 58,000 62,600 3,000 1,500 Inventory in process, October 31 61.000 Total units to be assigned costs 64,100 The beginning work in process inventory on October 1 had a cost of $3,040. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 INI Total costs assigned by the Rolling Department
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus Company is $400,000. The conversion cost for the period in the Rolling Department is $276,450. The total equivalent units for direct materials and conversion are 2,500 tons and 4,850 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: per ton Conversion cost per equivalent unit: per ton
Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 5,000 tons in beginning work in process inventory (30% complete) on October 1. During October, 82,500 tons were completed. The ending work in process inventory on October 31 was 4,100 tons (70% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? units
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 4,644 tons in beginning work in process inventory (40% complete) on October 1. During October, 38,700 tons were completed. The ending work in process inventory on October 31 was 1,935 tons (50% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. units
Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $540,400. The conversion cost for the period in the Rolling Department is $114,500 ($65,200 factory overhead applied and $49,300 direct labor). The total cost transferred to Finished Goods for the period was $570,000. The Rolling Department had a beginning inventory of $26,900. al. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period. $