What is the cost of the building? What is the cost of machinery and equipment?
Q: How much is the cost of th
A: To calculate the cost of acquisition or self construction, IAS 16 should be referred.
Q: What are the factors affecting equipment costs?
A: Equipment cost is the total cost incurred to bring the equipment in the useable state. It includes…
Q: Which one of the following is an example of a period cost? Maintenance on factory machines O Wages…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: present. What is the cost of direct material used?
A: Direct material used = Opening Stock + Raw materials purchased - Closing Stock
Q: Which of the following is not part of manufacturing overhead for producing a computer? a.…
A: Answer: Option c.
Q: Which of the following costs would be considered a period rather than a product cost in a…
A: The product costs are the costs that are directly or indirectly related to the production process.…
Q: Direct labor cost incurred during the period? Cost of goods placed in process? Cost of goods…
A: Prime costs in the business means direct materials and direct labour costs incurred in business.…
Q: How do you determine the working capital needs of a parts stor
A: Working capital is the amount by which the current assets exceed current liabilites. In…
Q: What is the unit cost of the goods transferred to the storeroom if the loss is charged to total…
A: Given is: Job units = 500 Direct materials = $80000 Direct labour = $30000 Factory Overhead = 50% of…
Q: cost of equipment?
A: Purchase term 2/10, n/30 means 2% discount is available for payment within 10 days, the credit…
Q: The cost of maintaning and repairing equipment in plant * O Product Cost Period Cost
A: Period Costs Period costs are the costs incurred which are not directly related to the production…
Q: Which of the following is an example of a cost that varies in proportion to changes in the activity…
A: Packaging costs is the variable cost which varies with the total output. It will increase with the…
Q: How does the materials requisition help safeguard a company’s assets?
A:
Q: Which element of the value chain would depreciation on a factory be classified as? Design…
A: Depreciation on factory would be classified as production
Q: The cost of insurance on the plant building Product Cost O Period Cost
A: Costs that a company incurs for manufacturing a product that will be sold to the consumer are known…
Q: Which of the following costs may be classified as non-manufacturing costs? į Fuel costs of the…
A: Non manufacturing costs are the costs that are not related to manufacturing. The following costs may…
Q: Define cost of equipment.
A: Definition: Assets: These are the resources owned and controlled by business and used to produce…
Q: Which of the following is not part of the manufacturing overhead for producing a computer?…
A: Manufacturing overhead means all the indirect factory costs incurred in the manufacturing process of…
Q: Determine the cost of the machine.
A: It is pertinent to note that as per IAS 16 all the costs that are incurred for an asset in order to…
Q: What was the acquisition cost of the equipment?
A: Given the salvage value = 15000 Useful life = 10 years Depreciation for 4th year = 63636 If the…
Q: What are two additional types of costs incurred to support any manufacturing project?
A: The manufacturing companies are the companies which deal in the production or change in the raw…
Q: Provide the meaning of material cost and the procedure for estimation of material cost
A: Material costs are those costs incurred to produce a product or provide a service. Any product has a…
Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER).…
A:
Q: What is the cost of materials transferred to finished goods?
A: Finished goods: These are the goods that have crossed the boundary of the manufacturing process or…
Q: How is the cost of units normally lost reflected in the manufacturing cost for the period?
A: Cost: Cost can be defined as the cash and cash equivalent which is incurred against the products…
Q: What is the formula used to determine the amount of direct materials to be purchased?
A: Direct materials: Direct materials are the materials and supplied that are directly consumed for…
Q: Which of the following is a part of Prime Cost? a. Direct Labour b. Indirect Wages c. Rent of…
A: Prime cost includes all the direct costs such as direct material, direct labor, and direct expenses.…
Q: Should design of cost be calculated in factory overhead costs incurred? Explain why
A: The answer for the question on cost design is discussed hereunder : Design of Cost aims at reducing…
Q: How much is the cost of goods manufactured in department B?
A:
Q: Explain the concept of cost allocation as it pertains to property, plant, and equipment and…
A: Property, Plant & Equipment (PPE) includes the following assets namely: Land Plant and Building…
Q: Which of the following is a direct cost with respect to producing a motor car? a. Cost of car engine…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Which of the following is a direct cost with respect to producing a motor car? a. Cost of car engine…
A: Cost accounting:- Cost accounting helps the determine the overall cost that occurred at the time of…
Q: Understand property, plant, and equipment and its related costs.
A: Business have several assets such as cash, inventories, accounts receivables, investments, PPEs…
Q: Which costs might be included in the initial cost of equipment?
A: Property, plant and equipment: Property, plant and equipment are the tangible assets which are…
Q: correct cost of the building?
A: In this case, company have to recognize 3 fixed asset:- Land Building Equipment
Q: Which of the cost below is not classified as fixed cost? a) Depreciation of machine b)…
A: Fixed cost is the cost which remains fixed irrespective of actual production .
Q: What is the process of allocating the cost of a plant asset over its useful life called?
A: Depreciation:Depreciation is the reduction in the value of an asset over its useful life. An asset…
Q: Which of the following is a direct cost with respect to producing a motor car? a. Salary of…
A: The question requires us to find Direct cost with respect to producing a motor car.
Q: What are the elements of cost of an item of property, plant and equipment
A: Property, plant, and equipment are the fixed assets that are reported on the assets side of the…
Q: 2 Which of the following is least likely to be classified as a facility level activity in an…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: What would the "cost of designing a new plant layout" for an airplane manufacturing company be…
A: The different type of cost associated with the manufacturing companies are product cost and period…
Q: a) What was the amount of direct materials used in production? b) What was the amount of…
A:
Q: Define cost of construction.
A: Determination of cost: The procurement or acquisition cost of “property, plant and equipment”…
Q: What manufacturing cost term is used to describe the cost of materials that are an integral part of…
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: What is factory equipment an example of? A. A liability B. Revenue C. An expense D. An asset
A: Answer - Meaning of Asset - An asset is a resource that owned or controlled by a company which…
What is the cost of the building?
What is the cost of machinery and equipment?
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- Comprehensive At December 31, 2018, certain accounts included in theproperty, plant, and equipment section of Townsand Company's balancesheet had the following balances: LandBuildingsLeasehold improvementsMachinery and equipment $100,000800,000500,000700,000 During 2019, the following transactions occurred: 1. Land site number 621 was acquired for $1,000,000. Additionally,to acquire the land, Townsand paid a $60,000 commission to a realestate agent. Costs of $15,000 were incurred to clear the land.During the course of clearing the land, timber and gravel were recovered and sold for $5,000.2. A second tract of land (site number 622) with a building wasacquired for $300,000. The closing statement indicated that theland value was $200,000 and the building value was $100,000.Shortly after acquisition, the building was demolished at a cost of $30,000. A new building was constructed for $150,000 plus the following costs: Excavation feesArchitectural design feesBuilding permit fee…Selected accounts included in the property, plant, and equipment section of Kingbird Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment 1. 2. During 2025, the following transactions occurred. 3. $426,000 198,800 Sales taxes 1,562,000 1,363,200 A tract of land was acquired for $213,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,400 shares of Kingbird's common stock. On the acquisition date, Kingbird's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $156,200 for land and $454,400 for the building at the exchange date. Current appraised values for the land and building, respectively, are $326,600 and $979,800. Items of machinery and equipment were purchased at a total cost of $568,000. Additional costs were incurred as follows. Installation…At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land $309,520 Buildings—Structure 882,660 Leasehold Improvements 704,970 Equipment 844,620 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2. Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees $37,550 Architectural design fees…
- Larkspur Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. 2. 3. 4. 5. 6. LARKSPUR LIMITED Statement of Financial Position December 31, 2023 7. 8. $109,060 70,520 173,840 The following additional information is available and provides information regarding errors in classification which need to be corrected: 26,240 31,160 $410,820 Current liabilities Long-term liabilities Shareholders' equity $79,540 139,400 191,880 $410,820 Current Assets include the following: bank account with an overdraft balance of $12,300; inventory with a FIFO cost of $71,340 and a net realizable value of $69,700; accounts receivable of $54,120 less allowance for expected credit losses of $2,460. Investments include the following: a mortgage receivable from parent company $49,200, due in 2028; FV-NI investments held for trading with a cost of $8,200 and a fair value of $9,840; FV-OCI…At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land $309,730 Buildings—Structure 882,700 Leasehold Improvements 704,930 Equipment 844,920 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2. Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees $37,960 Architectural design…The draft balance sheet of Tere Corporation as of December 31, 2019 reported the net property, plant and equipment at P110,000,000. Details of the amount follow: Land at cost P10,000,000Building at cost P50,000,000Less accumulateddepreciation at 12/31/18 (20,000,000) 30,000,000Plant at cost 94,500,000Less accumulateddepreciation at 12/31/18 (24,500,000) 70,000,000 110,000,000The following matters are relevant:• On 30 June 2019, Tere terminated the production of one of its product lines. From this date, the plant used to manufacture the product has been actively marketed at an advertised price of P4.2 million which is considered realistic. Assume that this plant qualified as held for sale in accordance withPFRS 5. It is…
- Concord Corp's statement of financial position at the end of 2022 included the following items: Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents. Total 1 2 3. 4. 5. The following information is available for the 2023 fiscal year: 6. 7. 8. 5. 6. 7. 8 9. $1,265,000 (a) 30,100 1,210,000 330,000 (141,000) (12,200) 40,200 $2.722,100 December 31, 2023 Concord prepares financial statements in accordance with IFRS. Assets Current liabilities Bonds payable Common shares Retained earnings Concord Corp. Statement of Financial Position Total $1,128,100 Net income was $409,000. Interest paid is treated as an operating activity. Equipment (cost of $21.600 and accumulated depreciation of $8,080) was sold for $10,800. Depreciation expense was $4.150 on the building and $9,160 on equipment. Amortization expense on a patent was $3,110. 1,221,000 Current assets other than cash increased by $33,000. Current liabilities…Classified Balance Sheet: Identify each of the following elements as a Current Asset (CA), Property, Plant & Equipment (PPE), Current Liability (CL), or Long-Term Liability (LTL) Cash ________ Sales Tax Payable ________ Machinery ________ Note Payable (due in 2029) ________ Accumulated Depreciation ________ Salaries Payable ________Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 (100,e00) $ 80,000 $ 380,000 (100,000) $ 280,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000 Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net During 2019, a building with a book lue of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2 How much denreciation evnense was recorded on buildinas during 20192 ... Chat
- The intangible assets section of Cheyenne Corp.'s balance sheet at December 31, 2022, is presented here. Patents ($75,000 cost less $7,500 amortization) $67,500 Copyrights ($53,400 cost less $37,380 amortization) 16,020 Total $83,520 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $27,000 legal costs to successfully defend the patent against infringement by another company. Jan.-July Sept. 1 Oct. 1 Developed a new product, incurring $139,000 in research and development costs during February. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000. Paid $50,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September. Acquired a copyright for…Compute for the carrying value of intangible and other assets recognized in the balance sheet as of December 31, 2019. A) 2,622,250 B) 2,928,917 C) 3,122,000 D) 2,802,000Comprehensive At December 31, 2018, certain accounts included in the property, plant, and equipment section of Townsand Company's balance sheet had the following balances: Land $100,000 Buildings 800,000 Leasehold improvements 500,000 Machinery and equipment 700,000 During 2019, the following transactions occurred: Land site number 621 was acquired for $1,000,000. Additionally, to acquire the land, Townsand paid a $60,000 commission to a real estate agent. Costs of $15,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $5,000. A second tract of land (site number 622) with a building was acquired for $300,000. The closing statement indicated that the land value was $200,000 and the building value was $100,000. Shortly after acquisition, the building was demolished at a cost of $30,000. A new building was constructed for $150,000 plus the following costs: Excavation fees $11,000…