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dolphi86 [110]
3 years ago
12

Wiley Company purchased new equipment for $60,000. Wiley paid cash for the equipment. Other costs associated with the equipment

were: transportation costs, $1,000; sales tax paid $3,000; and installation cost, $2,500. The cost recorded for the equipment was:
A. $60,000
B. $61,000
C. $64,000
D. $66,500
Business
1 answer:
user100 [1]3 years ago
4 0

Answer:

The cost recorded for the equipment=$66,500

Explanation:

When dealing with the total cost of an equipment we take the purchase cost and other additional associated costs that come with the equipment. This can be expressed as;

T=P+A

where;

T=total cost

P=purchase cost

A=additional costs(transportation cost+sales tax+installation cost)

In our case;

T=unknown

P=$60,000

A=(1,000+3,000+2,500)=$6,500

replacing;

T=60,000+6,500=66,500

The total cost=$66,500

The cost recorded for the equipment=$66,500

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Answer:

<em>When manufacturing overhead costs are assigned to production in a process cost system, it means that the business uses absorption costing system.</em>

Explanation:

When manufacturing overhead costs are assigned to production in a process cost system, it means that the business uses absorption costing system.

Absorption costing system is that where units of products and inventories are valued using full cost. Full cost implies that each product would be charged for an amount of the<em> fixed production overhead </em>in addition to the variable cost.

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2 years ago
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4 0
3 years ago
An investment earns 35% the first year, earns 40% the second year, and loses 37% the third year. The total compound return over
Lostsunrise [7]

Answer:

19.07%

Explanation:

The computation of the total compound return over the 3 years is shown below:

= (1 + investment percentage earned in first year) × (1 +  investment percentage earned in second year)  × (1 +  investment percentage loss in second year)

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3 years ago
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