a Final Intermediate 1 accounting exam that is split into 2 day Monday and Wednesday at 8 am -10 am

Depreciation
    Problem No 1        worth 12.5 points
        Straight Line Depreciation and/or Double Declining Balance Depreciation
                SHOW YOUR WORK
    Lex Soap Company purchased a machine on January 1.2013 for $18.000 cash
    The machine has an estimated useful life of four years and a salvage value of $4,700
    Lex uses the double declining balance method depreciation for all its assets
    1. What will be the machine's book value as of December 31, 2014?
            Amount in $
        As per Double Declining Balance Method
        Annual Depreciation Rate    25%
        Depreciation for First Year    9,000.00
        Book Value as on Dec 31, 2013    9,000.00
        Depreciation for Second Year    0.00
        Book Value as on Dec 31, 2014 can't be less than salvage value    4,700.00
        Book Value as on Dec 31, 2014 can limit to salvage value only    4,700.00
    2. What is the depreciation rate?
        As per Double Declining Balance Depreciation
        Annual Depreciation Rate for Straight Line Depreciation    25%
        Double Declining Balance Method Depreciation Rate    50%
LIFO-FIFO
    Problem No 2        worth 12.5 points
        LIFO/FIFO Periodic Inventory
                SHOW YOUR WORK
    Brooklyn Corporation had the following transactions relating to product X during September
                                    COSTS
            DATE                        PER
            SEPTEMBER                    UNITS    UNIT
                1        BALANCE ON HAND        600    $ 1.56
                6        Purchase        200    2.00
                12        Sale        400
                13        Sale        100
                18        Purchase        250    3.00
                20        Purchase        150    3.50
                25        Sale        300
            Under FIFO:
                What is the value of inventory at the end of September?
                What are the number of units in ending inventory?
            UNDER LIFO:
                What is the value of inventory at the end of September?
                What are the number of units in ending inventory?
    Solution
            FIFO                                        Amount in $
                value of inventory at the end of September                    1,275.00
                number of units in ending inventory                    400.00
                Date    Purchases            Cost of Goods Sold            Inventory on Hand
                    Quantity    Unit    Total    Quantity    Unit    Total    Quantity    Unit    Total
                    (Units)    Cost    Cost($)        Cost    Cost($)    (Units)    Cost    Cost($)
                Sept 1                            600    1.56    936
                Sept 6    200    2    400                600    1.56    936
                                            200    2    400
                Sept...