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. • $130 for advertising. • 1,000 for sales staff salaries. • 170 for trimming shrubs. Included in Expensed Inventory Cost as incurred 20,000 Cost Cost Transportation-in Import duties Insurance during shipment 300 880 140 Advertising Sales staff salaries Trimming shrubs Total 130 1,000 170 2$ 22,620 %24
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. • $130 for advertising. • 1,000 for sales staff salaries. • 170 for trimming shrubs. Included in Expensed Inventory Cost as incurred 20,000 Cost Cost Transportation-in Import duties Insurance during shipment 300 880 140 Advertising Sales staff salaries Trimming shrubs Total 130 1,000 170 2$ 22,620 %24
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 5EA: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following...
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