Kristen Lu purchased a used automobile for $9,200 at the beginning of last year and incurred the following operating costs: Depreciation ($9,200 + 5 years) Insurance $ 1,840 $1,000 $ 500 Garage rent $ 260 $ 0.14 per eile. Automobile tax and license Variable operating cost The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates that, at her current rate of the car will have zero resale value in five years, so the annual straight-line depreciation is $1,840. The car is kept in a garage for monthly fee. Required: 1. Kristen drove the car 12,000 miles last year. Compute the average cost per mile of owning and operating the car. (Round your answers to 2 decimal places.) Average fixed cost per mile. Variable operating cost per mile Average cost per mile

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.