FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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A 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 $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
%24
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
Chapter 5 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 5 - Prob. 1QSCh. 5 - Prob. 2QSCh. 5 - Prob. 3QSCh. 5 - Prob. 4QSCh. 5 - Perpetual: Inventory costing with FIFO P1 A...Ch. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Prob. 9QSCh. 5 - A Periodic: Inventory costing with weighted...
Ch. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Perpetual: Inventory costing with weighted average...Ch. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - Prob. 23QSCh. 5 - Prob. 24QSCh. 5 - Prob. 25QSCh. 5 - Prob. 26QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Exercise 5-3 Perpetual: Inventory costing methods...Ch. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 1PSACh. 5 - Prob. 2PSACh. 5 - Prob. 3PSACh. 5 - Problem 5-4AA Periodic: Alternative cost flows...Ch. 5 - Prob. 5PSACh. 5 - Prob. 6PSACh. 5 - Prob. 7PSACh. 5 - Prob. 8PSACh. 5 - Prob. 9PSACh. 5 - Prob. 10PSACh. 5 - Prob. 1PSBCh. 5 - Prob. 2PSBCh. 5 - Prob. 3PSBCh. 5 - Prob. 4PSBCh. 5 - Prob. 5PSBCh. 5 - Prob. 6PSBCh. 5 - Prob. 7PSBCh. 5 - Problem 5-8BA Periodic: Income comparisons and...Ch. 5 - Prob. 9PSBCh. 5 - Prob. 10PSBCh. 5 - Prob. 5SPCh. 5 - Prob. 1.1AACh. 5 - Prob. 1.2AACh. 5 - Prob. 1.3AACh. 5 - Prob. 1.4AACh. 5 - Prob. 2.1AACh. 5 - Prob. 2.2AACh. 5 - Prob. 2.3AACh. 5 - Prob. 3.1AACh. 5 - Prob. 3.2AACh. 5 - Prob. 3.3AACh. 5 - Describe how costs flow inventory to cost of goods...Ch. 5 - Where is the amount of merchandise inventory...Ch. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - What factors contribute to (or cause) inventory...Ch. 5 - Prob. 8DQCh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 5BTN
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Similar questions
- 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 %24arrow_forwardA 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.arrow_forwardCosts 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.arrow_forward
- 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 $ $ $ Included in Inventory Cost 0 20,000 300 880 140 130 1,000 170 22,620 $ 0arrow_forwardCosts of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer FOB Shipping Point for a cost of $200. Additional costs of $400 were incurred to acquire the goods. No discounts were taken. What is the buyer's total cost of merchandise inventory?arrow_forwardA 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. $ 17030arrow_forward
- 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 $2,404arrow_forwardOpulent Outfits procures inventory for $15,800 with terms 4/20, n/60. After the purchase, the company returns $4,000 worth of the inventory to the supplier and receives an allowance for defective items totaling $180. The entire amount due is settled within the discount period. What is the amount of the discount that will be taken? $380 $297 $304.40 $237arrow_forwardWalmart sells a bike that cost $100 to a customer for $250 cash. Using a perpetual inventory system, the entry to record the sale includes a debit to ___________ and credit to ___________ ____________ for $250. The entry to record the cost of the sale includes a debit to Cost of Goods Sold and a credit to ___________ for $100. (Enter only one word per blank.)arrow_forward
- 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?arrow_forwardA 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 onlyarrow_forwardA 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.arrow_forward
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