QS 6-2 Inventory costs LO C2 A car dealer acquires a used car for $7,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include . $290 for transportation-in. $190 for shipping insurance. $1,000 for car import duties. • $200 for advertising. $1,400 for sales staff salaries. . $190 for trimming shrubs. Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total $ Cost 7,000 290 1,000 190 200 1,400 190 $ 10,270 Included in Inventory Cost Expensed as incurred

QS 6-2 Inventory costs LO C2 A car dealer acquires a used car for $7,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include . $290 for transportation-in. $190 for shipping insurance. $1,000 for car import duties. • $200 for advertising. $1,400 for sales staff salaries. . $190 for trimming shrubs. Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total $ Cost 7,000 290 1,000 190 200 1,400 190 $ 10,270 Included in Inventory Cost Expensed as incurred

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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