A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $300 for transportation-in. $140 for shipping insurance. • $880 for car import duties. $130 for advertising. $1,000 for sales staff salaries. • $170 for trimming shrubs. ● Cost Expensed as incurred Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total 0 $ $ Included in Inventory Cost 20,000 300 880 140 130 1,000 170 22,620 $ 0 $

A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $300 for transportation-in. $140 for shipping insurance. • $880 for car import duties. $130 for advertising. $1,000 for sales staff salaries. • $170 for trimming shrubs. ● Cost Expensed as incurred Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total 0 $ $ Included in Inventory Cost 20,000 300 880 140 130 1,000 170 22,620 $ 0 $

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 9E: Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens...

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Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens Company, invoice no. J34Y9, 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, 15 (total 265.25). 11Bought one weed trimmer from Lionels Lawn Landscaping, invoice no. R7740, 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, 35 (total 254.72). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, 425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of 3,492.29 (Accounts Payable 212), 4,239.49 (Purchases 511), and 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include $300 for transportation-in. $140 for shipping insurance. $880 for car import duties. $130 for advertising. $1,000 for sales staff salaries. $170 for trimming shrubs.
A car dealer acquires a used car for $11,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include $190 for transportation-in. $150 for shipping insurance. $850 for car import duties. $110 for advertising. $2,000 for sales staff salaries. $140 for trimming shrubs. Included in Expensed Cost Inventory Cost as incurred Cost $11,000 Transportation-in 190 Import duties 850 Insurance during shipment 150 Advertising 110 Sales staff salaries 2,000 Trimming shrubs 140 Total $14,440
A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include ∙ $250 for transportation-in. ∙ $150 for advertising. ∙ $300 for shipping insurance. ∙ $1,250 for sales staff salaries. ∙ $900 for car import duties. ∙ $180 for trimming shrubs.
A distributor of artistic iron-based fixtures acquires a piece for $1,000, terms FOB shipping point. Additional costs in obtaining it and offering it for sale include $150 for transportation-in, $300 for import duties, $100 for insurance during shipment, $200 for advertising, a $50 voluntary gratuity to the delivery person, $75 for enhanced store lighting, and $250 for sales staff salaries. For computing inventory, what cost is assigned to this artistic piece?
A solar panel dealer acquires a used panel for $9,000, with terms FOB shipping point. Compute total inventory costs assigned to the used panel if additional costs include ∙ $1,500 for sales staff salaries. ∙ $135 for shipping insurance. ∙ $280 for transportation-in by train. ∙ $550 for used panel restoration. ∙ $110 for online advertising. ∙ $300 for lawn care.
Walberg Associates, antique dealers, purchased goods for $37,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,200. Walberg Associates insured the shipment at a cost of $150. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $490. Determine the cost of inventory.
U-Save Automotive Group purchased 10 vehicles during the current month. Two trucks were purchased for $20,000 each, two SUVs were purchased for $31,000 each, and six hybrid cars were purchased for $27,000 each. A review of the sales invoices revealed that five of the hybrid cars were sold and that both trucks were sold. What is the cost of U-Save's ending inventory if it uses the specific identification method? a.$89,000 b.$129,000 c.$135,000 d.$175,000
A solar panel dealer acquires a used panel for $9,200, with terms FOB shipping point. Compute total inventory costs assigned to the used panel if additional costs include • $1,700 for sales staff salaries. + $300 for transportation-in by train. • $120 for online advertising. • $150 for shipping insurance. . $600 for used panel restoration. • $350 for lawn care. Cost Transportation-in by train Shipping insurance Used panel restoration Online advertising Sales staff salaries Lawn care Total S S Cost 9.200 300 150 600 120 1,700 350 12.420 OUDERIN Included in Inventory Cost Expensed as incurred Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Sunstar Company is a wholesaler of car seatcovers. At the beginning of the current year, the entity's inventory consisted of 90 car seatcovers priced at P1,000 each. During the current year, the following events occurred; 1. Purchased 800 car seatcovers on account at P2,000 each 2. Returned 50 defective car seatcovers to supplier and received credit. 3. Paid 600 of the car seatcovers purchased 4. Sold 790 car seatcovers at P2,500 each. 5. Received 30 car seat covers returened by a customer and gave credit. The goods were in excellent condition. 6. Received cash for 680 of the car seatcovers sold 7. Physical count at year-end revealed 60 units on hand. Required; a. Prepare journal entries, including adjustments to record the above transactions assuming the company uses periodic system and perpetual system b. Determine the cost of sales under each inventory system. Sunstar Company is a wholesaler of car seatcovers. At the beginning of the current year, the entity's inventory…
JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.) $2,997 $2,337 $3,117 d. $2,857
A solar panel dealer acquires is used panel for $9,000, with terms FOB shipping point. Compute total inventory cost assigned to the used panel if additional costs include $1,500 for sales staff salaries. $280 for transportation-in by train. $110 for online advertising. $135 for shipping insurance. $550 for used panel restoration. $300 for lawn care.