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.

Q: In December 2018, a company has ordered 2,500 kg of material called Talus from its supplier. It…

A: Inventory of the business means raw material, work in process and finished goods of the business…

Q: A car dealer acquires a used car for $16,000, with terms FOB shipping point. Compute total inventory…

A: Advertising, Sales staff salaries and trimming shrubs are the indirect cost that should not form…

Q: How do I do a general journal on this entry? Master Flow purchased a specialized pipe bending…

A:

Q: The Mira Bookstore sells books used in classes Of this, 25% is for the small office at the back of…

A: Income statement means the statement which show the cost of goods sold and selling price and give…

Q: A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total inventory…

A:

Q: On January 2018, school bags for Tk. 1,00,000 and sold it to Arif Ltd for Tk. 1,20,000. Using these…

A: Needs to Calculated the Vat on the chain of transaction. Concept of Vat is to be use  that value…

Q: Murphy Hardware bought 800 3-cubic-feet bags of organic peat moss from Mitchell Garden Distributors…

A: Journal is the book of original entry in which all the financial transactions relating to the…

Q: A car dealer acquires a used car for $15,000, with terms FOB shipping point. Compute total inventory…

A: Formula: Total Inventory cost = Car cost + Transportation + shipping insurance + import duties…

Q: lberg Associates, antique dealers, purchased goods for $38,700. Terms of the purchase were FOB…

A: Solution: Cost of inventory includes all those costs which are incurred to bring the inventory in…

Q: a) A buyer pays 23,000 for a washing machine at a 10 % discount, compute the original price of the…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Walberg Associates, antique dealers, purchased goods for $38,100. Terms of the purchase were FOB…

A: Cost of inventory includes the cost of purchase material/goods, freight, and any taxes paid by the…

Q: Walberg Associates, antique dealers, purchased goods for $39,500. Terms of the purchase were FOB…

A: Solution: Cost of inventory includes purchase price, transit insurance, freight and all other cost…

Q: A car dealer acquires a used car for $ 14,000, with term FOB shipping point. Compute total inventory…

A: Under FOB shipping point sales, all transport charges are paid by buyer only. So buyer should…

Q: U-Save Automotive Group purchased 10 vehicles during the current month. Two trucks were purchased…

A: Specific identification method can be applied in situations where different purchases can be…

Q: A car dealer acquires a used car for $12,000, with terms FOB shipping point. Compute total inventory…

A: The inventory cost is the cost incurred in bringing a product to sale and making it available for…

Q: Southwest Milling Co. purchaseda front-end loader to move stacks of lumber. The loader had a list…

A: Discount = 4% of List price = 4% of 140000 = $ 5600

Q: W bought a new printing machine. The cost of the machine was $80,000. The installation costs were…

A: We have the following information: Cost of machine: $80,000 Installation Cost: $5,000 Cost of…

Q: Explain how each of these costs would be accounted for.

A: Cost:   It is the economic value incurred by a company to manufacture a product or to render a…

Q: Kegler Bowling buys scorekeeping equipment with an invoice cost of $185,000. The electrical work…

A: The equipment cost refers to the total expense incurred in the process of bringing a piece of…

Q: Switzer, Inc. has 5 computers which have been part of the inventory for over two years. Each…

A: The inventory cost per unit is calculated below, Inventory cost per unit = Cost or market value,…

Q: Bikers Outlet purchases mountain bikes at a cost of P28,000 each. If the company's operating…

A: Operating expenses are costs and expenses incurred for operating the business or product. Markup is…

Q: A commercial company bought 250 units of a specific material at a price of 50,000 dinars per unit,…

A: Cost of the material purchased: All the expenses that are incurred to bring the material to the…

Q: Walberg Associates, antique dealers, purchased goods for $75,000. Terms of the purchase were FOB…

A: Cost of inventory = Purchases + Transportation In + Shipment insurance + Cleaned and refurbished…

Q: A car dealer acquires a used car for $11,000, with terms FOB shipping point. Compute total inventory…

A: Inventory means the stock of goods in which the businessmen deals. All cost related with purchase of…

Q: On March 10, 2017, Steele Company sold to Barr Hardware 200 tool sets at a price of $50 each (cost…

A: (a) Prepare journal entries for Steele to record (1) the sale on March 10, 2017, (2) the return on…

Q: W bought a new printing machine. The cost of the machine was $80,000. The installation costs were…

A: We have the following information: Cost of the machine was $80,000 Installation costs were $5,000…

Q: southwest milling co. purchased a front end loader to move stacks of lumber.  the loader had a list…

A: a.Calculate the amount to be capitalized in an asset account for the purchase of the front end…

Q: .  Prepare summary journal entries to record the purchases, sales, and return of inventory. Assume…

A: Whenever a Company Perpetual method of inventory then the inventory records are maintained…

Q: The Mira Bookstore sells books used in classes Of this, 25% is for the small office at the back of…

A: Statement of comprehensive income shows all incomes and all expenses of the business for the…

Q: USW Ltd a manufacturing entity manufactures specialized robust cell phone cases for resale. The…

A: The answer is option (1.) [ i.e, R70 000] Refer step 2 for explanation

Q: Walberg Associates, antique dealers, purchased goods for $37,500. Terms of the purchase were FOB…

A: Cost of the inventory = Purchase price + Freight + Insurance during transit + Cleaned and…

Q: A solar panel dealer acquires a used panel for $12,400, with terms FOB shipping point. Compute total…

A: Note: Cost of inventory includes the cost of purchase material/goods, freight, and any taxes paid by…

Q: Walberg Associates, antique dealers, purchased goods for $39,300. Terms of the purchase were FOB…

A: As per IAS 2, Inventories,  Cost of inventory includes purchase price, cost of…

Q: Ikea received the sofa set that was bought at a wholesale price of PhP 11,000. The secretary, Mr.…

A: Marks up amount = wholesale price x Marks up % = PhP 11,000 x 55% = Php 6,050

Q: The cost of an office furniture is OMR 1,000 and the mark-up is OMR 200. How much is the selling…

A: Selling price of the furniture = cost + markup

Q: A car dealer acquires a used car for $15,000, with terms FOB shipping point. Compute total inventory…

A: The cost related to inventory are categorised in two ways - one as to include in the cost of…

Q: A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory…

A: As per IFRS 2, Inventories,  Cost of inventory includes purchase price,transportation costs,…

Q: You are to study the following financial statements for two furniture stores and then answer the…

A: In order to determine the Quick ratio, the current liability is required to be divided by the Quick…

Q: January 1, 2010, Ace Hardware received from Do-It-Yourself Shop 300 pieces nicrowave ovens. Ace…

A: Consignment : It is the way of business to sell the goods, in this process goods send by the owner…

Q: The Alpaca Wool Shoppe bought 150 scarves for Total cost= $4150.00; 50 scarves were sold at a markup…

A: Mark up on the cost is done to set a selling price with the required amount of margin. The higher…

Q: A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory…

A: Advertising, Sales staff salaries and Trimming shrubs expenses are not included in the cost of…

Q: MCS purchased computer parts on account amounting to R115 000 from a supplier which is a registered…

A: The journal entries are prepared to record day to day transactions of the business on regular basis.

Q: Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list…

A: Capital costs are typically long-term (more than one year), fixed assets that are expected to…

Q: A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory…

A: In the given situation, all costs except advertising, sales staff salaries and trimming shrubs…

Q: Gates Limited manufactures is a manufacturer of wooden furniture. The following transactions…

A: SOLUTION- FIFO METHOD- IT IS A METHOD USED FOR COST FLOW ASSUMPTION PURPOSES IN THE COST OF GOOD…

Q: Kegler Bowling buys scorekeeping equipment with an invoice cost of $190,000. The electrical work…

A: Invoice Cost = $ 190,000 Installation Cost = $ 20,000 Additional Cost = $ 4,000 for delivery Sales…

Q: An online seller sells RTW for P4,500 for 75 pieces of trendy tiktok tops. Lara offered to buy the…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: A solar panel dealer acquires is used panel for $9,000, with terms FOB shipping point. Compute total…

A: The cost of an asset or inventory includes all the cost that is required to bring the asset to its…

Q: Remal Bidiya Company purchased loading truck for their new factory for RO 6,00oo. The shipping costs…

A: There are two types of expenditures that are incurred in the business. One is revenue  expenditure…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.