Machinery is purchased on July 1 of the current fiscal year for $240,000.It is expected to have a useful life of 4 years,or 25,000 operating hours,and a residual value of $15,000.Compute the depreciation for the last six months of the current fiscal year ending December 31 by each of the following methods:
(Round the answer to the nearest dollar. )
Definitions:
Work in Process
Inventory in the production process but not yet completed, representing part of a company's current assets.
Indirect Materials
Indirect materials are materials used in the production process that do not directly become part of the final product and are not easily traceable to specific products or units produced.
Manufacturing Overhead
All manufacturing costs that are not direct materials or direct labor, such as maintenance, utilities, and depreciation on manufacturing equipment.
Work in Process
Goods that are in various stages of the production process but are not yet completed.
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