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

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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Description: Please do not give solution in image format thanku 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$1,000$ 500Garage rentAutomobi

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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