I) ABC Ltd purchases a factory machine at $210,000 on January 1, 2018. ABC Ltd expects the machine to have a salvage value of $30,000 at the end of its 5-year useful life. Requirement: Prepare...

I) ABC Ltd purchases a factory machine at $210,000 on January 1, 2018. ABC Ltd expects the machine to have a salvage value of $30,000 at the end of its 5-year useful life.Requirement: Prepare depreciation schedules for the declining balance using double the straight-line rate.

ii) ABC Company has the following inventory, purchases, and sales data for August 2019.

Inventory: August 1 200 units @ 4.00

Purchases: August 10 500 units @ 4.30

August 18 400 units @ 4.75

August 27 300 units @ 5.00

Sales:   August 15 700 units

August 25 300 units

August 29 400 units

Requirement: Under a perpetual inventory system, determine the cost of inventory on hand on August 31 and the cost of goods sold for August under the Average-cost method.