1. Calculate the total number of Squat Racks available for sale and…

1. Calculate the total number of Squat Racks available for sale and the cost of goods from the following inventory figures for Sienna’s Health and Fitness, LLC.

DateUnits Purchased Cost per Unit Total Cost
Beginning Inventory, March 124 $525  
Purchase, May 1912   479  
Purchase, August 2618   540  
Purchase, November 2727   488  
Squat Racks Available for SaleCost of Goods Available for Sale

2. When the Sienna took physical inventory (above problem) on December 31, 48 Squat Racks remained in inventory.

A. Calculate the dollar value of the 48 Squat Racks by using FIFO.





Answer: ___________

B. Calculate the dollar value of the 48 Squat Racks by using LIFO.





Answer: ___________

C. Calculate the dollar value of the 48 Squat Racks by using the average cost method.





Answer: ___________

Chapter 17 Check-in Questions:

1. Calculate the total cost, depreciation, and annual depreciation for 25 Blenders and an Industrial refrigerator using the straight-line method.

 CostShipping ChargesSetup ChargeTotal CostSalvage ValueEstimated Useful Life (years)             Depreciation 
 Total  Annual
  B$16,900$310  0$19004








2. Mikes Bikes decided on a new fleet of new delivery vans totaling $148,000. Delivery charges were $2,200, and installation of their high-capacity refrigerators amounted to $1,800. The equipment is expected to last four years and has a residual value of $3,000. If the company elects to use the straight-line depreciation method, prepare a depreciation schedule for these assets.

Sienna’s Health & Fitness
Straight-Line Depreciation Schedule
Manufacturing Equipment
End of YearAnnual DepreciationAccumulated DepreciationBook Value








  1. Sienna’s Healthy bought a computerized engraving machine for personalized weight belts for $33,800. It is expected to have a 5-year useful life and a trade-in value of $2,700. Prepare a depreciation schedule for the first three years using the machine’s 150% declining balance method.
Sienna’s Health & Fitness 
Declining Balance Schedule 
End of YearBeginning Book ValueDepreciation RateDepreciation for the yearAccumulate DepreciationEnding Book Value







4. Complete the following as they relate to the units-of-production method of depreciation. For two pieces of equipment Sienna needed for her business office. Round answers to the nearest 100th of a cent.

 AssetCostSalvage ValueUnits of Useful LifeDepreciation per Unit
AIrrigation Pump$8,900$250500,000 Gallons 
BCopier  $3,900      0160,000 copies


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