A car dealer acquires a used car for $ 14,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include $ 250 for transportation-in, $ 900 for import duties, $ 300 for insurance during shipment, $ 150 for advertising, and $ 1,250 for sales staff salaries. For computing inventory, what cost is assigned to the used car?
Answer to relevant QuestionsAmes Trading Co. has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to eachproduct.Use the data in Exercise 6-3 to prepare comparative income statements for the month of January for Laker Company similar to those shown in Exhibit 6.8 for the four inventory methods. Assume expenses are $ 1,250, and that the ...Martinez Co. reported the following current- year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 150 units— 50 from each of the last three purchases. Determine ...Seminole Company began year 2013 with 23,000 units of product in its January 1 inventory costing $ 15 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. ...Shepard Company sold 4,000 units of its product at $ 100 per unit in year 2013 and incurred operating expenses of $ 15 per unit in selling the units. It began the year with 840 units in inventory and made successive ...
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