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What will be the carrying amount for the truck

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Q1. Pink company uses the periodic inventory system. The company's beginning inventory and inventory purchases during March 2021 were as below: 60 marks

Mar 01: Beginning inventory, 125 units @ $3 per unit.

Mar 9: Inventory purchased, 195 units @ $5 per unit.

Mar 22: Inventory purchased, 210 units @ $8 per unit.

During March Pink company sold 180 units.

Calculate cost of goods sold and ending inventory for March 2020 using the Weighted Average cost method only.

Q2. Pink company purchased a truck on Jan 1, 2019 for $135,000. The estimated life of the vehicle is 15 years and estimated residual value is $3,000. Calculate the depreciation expense using straight-line method. What will be the carrying amount for the truck on Dec 31, 2020?

Reference no: EM132982737

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