Kristen Lu purchased a used automobile for $38,650 at the beginning of last year and incurred the following operating costs: Depreciation ($38,650 + 5 years) $ 7,730 Insurance $ 4,100 Garage rent $ 2,100 Automobile tax and license Variable operating cost $ 1,070 $ 0.09 per mile The 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 $7,730. The car is kept in a garage for a monthly fee. Required: 1. Kristen drove the car 30,000 miles last year. Compute the average cost per mile of owning and operating the car. (Round your answers to 2 decimal places.)

Kristen Lu purchased a used automobile for $38,650 at the beginning of last year and incurred the following operating costs: Depreciation ($38,650 + 5 years) $ 7,730 Insurance $ 4,100 Garage rent $ 2,100 Automobile tax and license Variable operating cost $ 1,070 $ 0.09 per mile The 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 $7,730. The car is kept in a garage for a monthly fee. Required: 1. Kristen drove the car 30,000 miles last year. Compute the average cost per mile of owning and operating the car. (Round your answers to 2 decimal places.)

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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