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***** Inventory Valuation: If a company uses the LIFO (Last-In-First-Out) method for...

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Accounting

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Inventory Valuation:
If a company uses the LIFO (Last-In-First-Out) method for inventory valuation and purchases 100 units at $10 each, then purchases 150 more units at $12 each, what is the value of ending inventory if 120 units are sold?
2.Depreciation:
A company purchases a delivery truck for $30,000 with a salvage value of $3,000 and an estimated useful life of 6 years. If the company uses the double-declining balance method, what is the depreciation expense for the second year?
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