Quince Inc. uses the periodic inventory costing system. The Quince ending merchandise inventory official count at December 31, 2010 totaled $120,000. However, the balance in the merchandise inventory general ledger account at December 31, 2017 was $125,000. What was the amount of the over-or-understatement for cost of goods sold and gross profit for 2010?
Timken Company purchased equipment for its roller bearing process on January 1, 2015. The cost of this machine was $140,000. The company estimated that the equipment would have a salvage value of $15,000 at the end of its service life. Its service life is estimated at 6 years.
- Straight-line method
- Double declining balance
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