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ExtremeBDS [4]
3 years ago
8

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.

Required:
For computing inventory, what cost is assigned to the used car?
Business
1 answer:
ivanzaharov [21]3 years ago
7 0

Answer:

$13,070

Explanation:

The Cost of inventory according to IAS 2 include all cost of purchase, cost of conversion and other cost incurred in bringing the inventory to their present location and condition.

<u>Calculation of Inventory Cost</u>

Cost of Purchase $12,000

Transportation-in       $100

Shipping insurance    $170

Car import duties      $800

Total Cost              $13,070

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