answer in text form please (without image) Kristen Lu purchased a used automobile for $18.950 at the beginning of last year and incurred the following operating costsDepreciation ($18,950 5 years)InsuranceGarage rentAutomobile tax and licenseVariable operating costThe variable operating cost consists of gasoline, oll, tires, maintenance, and repairs. Kristen estimates that, at her current rate of usage,the car will have zero resale value in five years, so the annual straight-line depreciation is $3,790. The car is kept in a garage for amonthly fee.Required:1. Kristen drove the car 18,000 miles last year Compute the average cost per mile of owning and operating the car.Note: Round your answers to 2 decimal places.Average fixed cost per mileVariable operating cost per mileAverage cost per mile2. Kristen is unsure about whether she should use her own car or rent a car to go on an extended cross-country trip for two weeksduring spring break What costs above are relevant in this decision?Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correctanswer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a questionmark will be automatically graded as incorrect.Variable operating costs$ 3,790$ 1,900$1,000$ 510$ 0.10 per mileDepreciationAutomobile taxLicense costsInsurance costs

Variable Expenses are those expenses which varies with the change in the volume of the…

Kristen Lu purchased a used automobile for $18,950 at the beginning of last year and incurred the following operating costs Depreciation ($18,950+ 5 years) Insurance $ 3,790 $1,900 Garage rent $ 1,000 Automobile tax and license $ 510 Variable operating cost $ 0.10 per mile The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates that, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $3,790. The car is kept in a garage for a monthly fee

Kristen Lu purchased a used automobile for $18,950 at the beginning of last year and incurred the following operating costs Depreciation ($18,950+ 5 years) Insurance $ 3,790 $1,900 Garage rent $ 1,000 Automobile tax and license $ 510 Variable operating cost $ 0.10 per mile The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates that, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $3,790. The car is kept in a garage for a monthly fee

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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