Chapter 1, Problem 1.12EYCT

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At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computers 1/30 $ 28,000 Office desks 2/15 $ 32,000 Machinery 7/25 $ 75,000 Office building 8/13 $ 400,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations.   b. What is Anna's year 2 cost recovery for each asset?

Hilton Lifts Co. manufactures industrial cranes. During the year, Harper purchased $1,420,000 of direct materials and placed $1,490,000 worth of direct materials into production. Hilton's beginning balance in the Materials Inventory account was $390,000. What is the ending balance in Hilton's Materials Inventory account?

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During FY 2023 Fendi Manufacturing had total manufacturing costs of $532,000. Their cost of goods manufactured for the year was $495,000. The January 1, 2024 balance of Work-in-Process Inventory is $78,000. Use this information to determine the dollar amount of the FY 2023 beginning Work-in-Process Inventory.

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