The Cost of an Asset Is $1,110,000,and Its Residual Value

question 159

Multiple Choice

The cost of an asset is $1,110,000,and its residual value is $300,000.Estimated useful life of the asset is five years.Calculate depreciation for the second year using the double-declining-balance method of depreciation.

• A)$222,000
• B)$162,000
• C)$324,000
• D)$266,400

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Definitions:

Equivalent Unit

A measure used in cost accounting to represent the amount of work done on partial units of output, making it possible to calculate costs in process costing systems.

Process Costing

A costing method used for homogenous products, where costs are accumulated for a continuous process and then assigned to units of output.

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing expenses to convert raw materials into finished products.

Curing Department

A specialized area in a manufacturing or production facility where processes such as drying, hardening, or chemical treatment are applied to products.