Skysong Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2025. Purchase Cash paid for equipment, including sales tax of $5,600 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment Special plumbing fixtures required for new equipment Repair cost incurred in first year of operations related to this equipment Construction Material and purchased parts (gross cost $224,000; failed to take 2% cash discount) Imputed interest on funds obtained from stock financing used during construction Labor costs Allocated overhead costs (fixed-$22,400; variable-$33,600) Profit on self-construction Cost of installing equipment (a1) Compute the total cost for each of these two pieces of equipment. Purchase equipment Construction equipment $ $117,600 2,240 3,472 4,480 1,680 8,960 1,456 $224,000 15,680 212,800 56,000 33,600 4,928

Skysong Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2025. Purchase Cash paid for equipment, including sales tax of $5,600 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment Special plumbing fixtures required for new equipment Repair cost incurred in first year of operations related to this equipment Construction Material and purchased parts (gross cost $224,000; failed to take 2% cash discount) Imputed interest on funds obtained from stock financing used during construction Labor costs Allocated overhead costs (fixed-$22,400; variable-$33,600) Profit on self-construction Cost of installing equipment (a1) Compute the total cost for each of these two pieces of equipment. Purchase equipment Construction equipment $ $117,600 2,240 3,472 4,480 1,680 8,960 1,456 $224,000 15,680 212,800 56,000 33,600 4,928

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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