A 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.

A 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.

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Description: A 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 onl

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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A solar panel dealer acquires a used panel for $9,200, with terms FOB shipping point. Compute total inventory costs assigned to the used panel if additional costs include • $1,700 for sales staff salaries. + $300 for transportation-in by train. • $120 for online advertising. • $150 for shipping insurance. . $600 for used panel restoration. • $350 for lawn care. Cost Transportation-in by train Shipping insurance Used panel restoration Online advertising Sales staff salaries Lawn care Total S S Cost 9.200 300 150 600 120 1,700 350 12.420 OUDERIN Included in Inventory Cost Expensed as incurred Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
A solar panel dealer acquires a used panel for $12,400, with terms FOB shipping point. Compute total inventory costs assigned to the used panel if additional costs include $4,900 for sales staff salaries. • $620 for transportation-in by train. $280 for online advertising. $390 for shipping insurance. $1,400 for used panel restoration. $1,150 for lawn care. Included in Expensed as incurred Cost |Inventory Cost Cost $ 12,400 Transportation-in by train 620 Shipping insurance 390 Used panel restoration 1,400 Online advertising 280 Sales staff salaries 4,900 Lawn care 1,150 Total $ 21,140 %24
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.
During a sale, insulation for heating ducts is purchased from a distributor.Theinsulation is valued at $675, and there is a 25% discount. Find the sale priceof the insulation.
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A buyer for home furnishings orders merchandise from a North Carolina vendor totaling 2,800. The vendor offers two options a) 3/10 net 30 FOB Destination (to buyers' warehouse or (b) 6/10 FOB Factory. If transportation costs are @250, which would be the better option for the buyer?
Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Sold 2 couches with a sales price of $2,450 per couch to customer Norman Guzman. Norman Guzman paid with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.50% usage fee based on the total sale per transaction. The cost for this sale is $1,800 per couch. Oct. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. The cost of the sale is $800. Oct. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Montgomery paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.40% usage fee based on the total sale per transaction. The cost for this sale is $30 per light. Oct. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less any usage fees. Oct. 15 Fund Max made a cash payment of 25% of the total due to Forest Furniture…
Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Sold 2 couches with a sales price of $2,450 per couch to customer Norman Guzman. Norman Guzman paid with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.5% usage fee based on the total sale per transaction. The cost for this sale is $1,700 per couch. Oct. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. The cost of the sale is $800. Oct. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Montgomery paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.4% usage fee based on the total sale per transaction. The cost for this sale is $29 per light. Oct. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less any usage fees. Oct. 15 Fund Max made a cash payment of 25% of the total due to…
Boston Home Center (BHC) offers customers the use of a truck at $44 per trip to take purchased merchandise home. BHC reports the following information about the trucks it has for customer usage: Cost Driver Rate Cost Driver Volume Resources used Operation $ 0.55 per mile 45,400 miles Administration 25.00 per trip 1,870 trips Resources supplied Operation $ 35,000 Administration $ 62,000 Required: Compute the cost of unused operation and administration resource capacity for Boston Home Center. unused resource capacity operation administration
Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,810. The selleragreed to allow a 6.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight costamounted to $2,840. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $800. The loader operatoris paid an annual salary of $29,210. The cost of the company’s theft insurance policy increased by $2,180 per year as a result ofacquiring the loader. The loader had a four-year useful life and an expected salvage value of $13,500.Requireda. Determine the amount to be capitalized in an asset account for the purchase of the loader.b. Record the purchase in general journal format. Required A Required B Complete this question by entering your answers in the tabs below.
A manufacturer of exercise equipment purchases the pulley section of the equipment from a supplier who lists these prices: less than 1,000, $5 each; 1,000 to 3,999, $4.95 each; 4,000 to 5,999, $4.90 each; and 6,000 or more, $4.85 each. Ordering costs are $50, annual carrying costs per unit are 40 percent of purchase cost, and annual usage is 4,900 pulleys. Determine an order quantity that will minimize total cost. What is the Total Cost at the feasible solution. Round your answer to the nearest ten dollars.
sold 2 couches with a sales price of 2,450 per couch to customer Norman Guzman. Norman Guzman paid with his draw plus credit card. the draw plus credit card charges forest furniture a 3,5% usage fee based on the total sale per transaction. the cost for this sale is 1,700 per couch.