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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
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A 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.