A car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the use additional costs include . $200 for transportation-in. $180 for shipping insurance. • $750 for car import duties. . $170 for advertising. $2,000 for sales staff salaries. $100 for trimming shrubs. Cost Transportation-in Import duties Insurance during shipment $ Cost 17,000 200 750 180 Included in Inventory Cost Expensed as Incurred
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- Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.A car dealer acquires a used car for $7,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $290 for transportation-in. $190 for shipping insurance. $1,000 for car import duties. $200 for advertising. $1,400 for sales staff salaries. $190 for trimming shrubs. Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total $ $ Cost 7,000 290 1,000 190 200 1,400 190 10,270 Included in Inventory Cost Expensed as incurredA 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 Cost Inventory Cost as incurred Cost 20,000 Transportation-in Import duties Insurance during shipment 300 880 140 Advertising 130 Sales staff salaries 1,000 Trimming shrubs 170 Total 22,620 %24A 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 $14,440A car dealer acquires a used car for $12,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include $100 for transportation-in. $170 for shipping insurance. $800 for car import duties. $140 for advertising. $1,400 for sales staff salaries. $150 for trimming shrubs.
- A car dealer acquires a used car for $ 14,000, with term FOB shipping point. Compute total inventory costs assigned to the used car if costs include $ 250 for transportion-in $ 300 for shipping insurance $ 900 for care import duties $ 150 for advertising $ 1,250 for sales staff salaries $ 180 for trimming shrubs Select one: O a. $ 15,450 O b. $ 14,000 O . $14,900 O d. $ 17030A 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.An item was shipped from a supplier under FOB shipping point. The invoice in the amount of $2,000 included payment terms of 2/10, n/30. When the invoice was paid, a purchase discount in the amount of $40 was taken. Other details relating to the purchase of this item included the following: shipping charges of $300, storage fees of $50, and insurance premium of $100. The cost of this inventory item is $1,960 $2,410 $2,401 $2,404
- Prepare journal entries to record the following transactions using:a. Periodic systemb. Perpetual systemMay 1 Purchased $4000 merchandise on credit for terms 2/10, n30 May 3 Returned $2500 of damaged inventory from May 1, back to the supplier May 10 A vehicle purchased for $35, 000 was sold for $20,000 on credit. Show journal entries for the sale and cost of sale of the vehicle (as merchandise inventory) using the perpetual inventory system onlyReview the following situations and record any necessary journal entries for Lumber Farm Feb. 13 Lumber Farm purchases $9,650 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $210 cash. Terms of the purchase are FOB Destination. Feb. 19 Lumber Farm sells $5,670 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Lumber Farm of $2,200. Shipping charges are an extra $230 cash. Terms of the sale are FOB Destination.Costs Included in Inventory Belozovsky Motors, a car dealership, 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 the following: ● $250 for transportation-in $300 for shipping insurance $900 for car import duties $150 for advertising $1,250 for sales staff salaries $180 for trimming shrubs.