Want to this question answer general accounting A manufacturing company purchased used equipment with the following costs:Base purchase price: $45,000Equipment overhaul: $12,500Installation costs: $8,750•Professional fees: $15,250•Training costs: $3,500What is the correct cost basis for this equipment?A) $45,000B) $57,500C) $81,500D) $85,000

Step 1: Define Cost BasisThe cost basis of an asset includes all costs necessary to acquire and…

Answered: A manufacturing company purchased used…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 8MC: What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials,...

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Schedule of Activity Costs Quality Control Activities Process audits Training of machine operators Processing returned products Scrap processing (disposal) Rework Preventive maintenance Product design Warranty work Finished goods inspection Activity Cost $50,000 28,000 19,000 25,000 8,000 30,000 46,000 12,000 23,000 From the provided schedule of activity costs, determine the value-added costs. A.$177,000 B.$191,000 C.$156,000 D.$104,000
IN SEQUENCIAL PRODUCTION PROCESS A, B AND C, • MATERIAL ABSORBED FOR PROCESS A IS $50.000; CONVERSION COST IS $30,000; • MATERIALS ABSORBED FOR B PROCESS ARE $64,000 FROM A WIPS WITH CONVERSION COST$32.000 • MATERIALS ABSORBED FOR C PROCESS ARE $40,000 FROM B WIPS WITH CONVERSION COST $10,000,- • BEGINNING INVENTORY OF FINISHED GOODS $7.000; AND ENDING INVENTORY OF FINISHED GOOD IS $10.000. • CALCULATE CHANGING INVENTORY OF A AND B AND COGS.
Shantal Company is installing a new equipment and incurred the following costs: Cost of equipment per supplier’s invoice 2,500,000 Initial delivery and handling cost 200,000 Cost of site preparation 600,000 Consultants used for advance on the acquisition of equipment 700,000 Interest charged paid to supplier for deferred credit 200,000 Estimated dismantling cost to be incurred as required by contract 300,000 Operating losses before commercial production 400,000 Group of answer choices 4,300,000 4,000,000 4,200,000 4,500,000
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Schedule of Activity Costs Quality Control Activities Process audits Training of machine operators Processing returned products $50,000 28,000 19,000 25,000 8,000 30,000 46,000 12,000 23,000 From the provided schedule of activity costs, determine the prevention costs. Oa. $30,000 Ob. $104,000 Oc. $74,000 Od. $76,000 Scrap processing (disposal) Rework Activity Cost Preventive maintenance Product design Warranty work Finished goods inspection
Jojo Sdn Bhd ordered from Koko Sdn Bhd a piece of specialised heavy equipment for its operations.Details of cost incurred are:RMPurchase price500,000Import duty12,000Engineer’s fees (for inspection and installation)10,000Shipping and transport costs6,000Site preparation costs:Direct labour costs5,000Concrete reinforcement4,000Maintenance and service contract for 1 year3,000Jojo Sdn Bhd received a trade discount of 10% on list price and 5% cash discount on early settlement.Jojo Sdn Bhd obtained a loan of RM500,000 to finance the purchase. Interest expense on the loan for the year was RM25,000.The equipment has a useful life of 5 years. Jojo Sdn Bhd estimates that dismantling cost to be RM3,500 and legal obligation to restore the site is RM6,500. Both these values are stated in present values.Required:Calculate the initial cost of the plant. Your answer should explain the reasons why some of the costs are not included in the calculation.
Dorman company purchased a new machine for its production process. The following costs were incurred for the new machine. Training costs for workers who will operate the machine $15,000 Wages paid to workers who operate the machine during production 109,000 Ordinary repairs to the machine before the first production run 1,000 1 Cost of platform used to properly secure the machine 30,000 Costs of tests run which took place before the first production run 8,000 WHICH COSTS SHOULD BE ADDED TO THE COST OF MACHINE?
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