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Questions -
Q1. In September (month 9), 625 units were sold. Using the following information, calculate the ending inventory amount that would be reported at the end of September if the LIFO inventory valuation methods are used.
Units
Dollars/Unit
Beginning Inventory 9/1
170
$5.55
Purchases #1 - 9/3
150
$5.59
Purchases #2 - 9/8
240
$6.22
Purchases #3 - 9/15
220
$6.49
Purchases #4 - 9/23
$6.78
Purchases #5 - 9/29
$6.85
Q2. McDonald's Waste Management purchased a new AN-109 industrial fryer used in industrial food preparation for $408,000 on January 1, 2017. The cost to install the industrial fryer was an additional $15,000. In late November 2019, the owner Mr. McDonald became aware of a new technology that offered many advantages (including some pretty cool dials and blinking lights) over the AN-109 fryer and decided to replace it. On December 31, 2019 the AN-109 was un-installed and sold to World Waste Recovery, Inc. for $200,000. The AN-109 had been depreciated on a straight-line basis assuming a useful life of 8 years and an estimated $50,000 salvage value. Based on the information provided, what was the amount of the Gain or Loss that McDonald's Waste Management recognized on the sale of this asset?
A. $73,750 loss
B. $73,750 gain
C. $33,125 gain
D. $33,125 loss
E. $83,125 loss
F. $83,125 gain
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