SoftRock Manufacturing received a machinery invoice for $90,000. Installation cost $15,000 and freight inward $5,000. Find the amount to be capitalized.
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- Belpre Inc. constructed a new office building. Building material costs for the new building were $3,000,000; total labor costs were $2,500,000; total company overhead was $9,000,000 (25% of which could be assigned to the new project); and interest paid on i new construction loan for the project was $1,250,000. Calculate the total cost of the self- constructed building.Calculate the total cost of the self-constructed buildingPlease help me
- Nelson Company purchased equipment and incurred the following costs: Cash price = $55,000 Sales taxes = $4,400 Insurance during transit = $400 Site preparation, installation, and testing= $2,300What amount should be used as the cost basis of the equipment?Can i get help please?Parks Inc. had recently completed construction of a new manufacturing facility. Prior to the approval of the building permits, the company operated a parking lot on the land. This parking lot had revenues, net of costs, of $130,000. Construction will take place over an 18-month period. Total construction costs were as follows: Material Labour Incremental overhead General overhead Interest costs on general loan Cost of building permits $ 640,000 1,100,000 240,000 100,000 200,000 40,000 Required: Provide the total amount of construction costs that would be capitalized to the cost of the building using ASPE. Indicate the items that are different as compared to IFRS. (Negative amounts should be indicated by a minus sign.) Capitalized Expensed Material Labour Incremental overhead General overhead Interest costs on general loan Cost of building permits Parking lot operation Total
- 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?With the following transactions, determine the Cost of Good Sold for a Manufacturing plant. 1. A $7000 loan was obtained and deposited in cash. 2. Another loan was obtained for the purchase of new equipment for the amount of 5539 with 5 years of life. 3. The equipment is depreciated for the first year. 4. Direct Labor is paid for the amount of 322. 5. Packaging employees are paid for 997. 6. 200 materials were invoiced at 2 each for the inventory. 7. 150 materials were used in production. 8. The 150 units were sold at $4.00 each and they are invoiced. 9. Sales and distribution expenses for $1000 were paid.Please help me ....... see image
- Qu Holiday Laboratories purchased a high speed industrial centrifuge at a cost of $420,000. Shipping costs totaled $15,000. Foundation work to house the centrifuge cost $8,000. An additional water line had to be run to the equipment at a cost of $3,000. Labor and testing costs totaled $6,000. Materials used up in testing cost $3,000. The capitalized cost is: FinA company is constructing a new production facility. The following costs have been incurred: Site preparation costs $50,000 Architects’ fees $26,000 Legal fees $10,000 Purchase of site $200,000 Costs incurred to relocate employees to the new facility $30,000 Administration costs $50,000 Total costs $366,000 The architects’ fees relate to the design of the new facility and the legal fees relate to legal advice received on the contract to purchase the site. The total value that should be recognized as Property, Plant and Equipment for the new facility should be Question 10Answer a. $ 314,000 b. $ 324,000 c. $ 344,000 d. $ 286,000Foster has built a new factory incurring the following costs: Land GH₵1,200,000 Materials GH₵2,400,000 Labour GH₵3,000,000 Architect's fees GH₵25,000 Surveyor's fees GH₵15,000 Site overheads GH₵300,000 Apportioned administrative overheads GH₵150,000 Testing of fire alarms GH₵10,000 Business rates for first year GH₵12, 000. What will be the total amount capitalised in respect of the factory?