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kotegsom [21]
3 years ago
11

Anchor Company purchased a manufacturing machine with a list price of $93,000 and received a 2% cash discount on the purchase. T

he machine was delivered under terms Free On Board shipping point, and freight costs amounted to $3,800. Anchor paid $5,400 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $7,000 for the first year of operations. Based on this information, the amount of cost recorded in the asset account would be:
Business
1 answer:
r-ruslan [8.4K]3 years ago
6 0

Answer:

$100,340

Explanation:

<em>The amount of cost recorded in the asset account would be:</em>

List price                                    $93,000

Less: Discount ($93,000*2%)   $1,860

Add: Freight                               $3,800

Add: Installation&Testing          <u>$5,400 </u>

Cost of the machine                 <u>$100,340</u>

Note: Insurance cost is not included in the cost of the machine

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Question:                                      

                                                            standard total cost        Actual total cost

Direct material

Standard  2000 pints  $3.50/pint                   $7,000

Actual      2,500 pints   $5.00/pint                                                       $12,000

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Explanation:

<em>Material quantity variance occurs when the actual quantity used to achieved a given level of output is more or less than the standard quantity.  </em>

<em>It is determined by the difference between the actual and standard quantity of material for the actual level of output multiplied by the the standard price  </em>

                                                                                               pints

Standard quantity allowed                                                  2,000

Actual quantity used                                                           <u> 2,500</u>

Quantity variance                                                                 500 unfavorable

Standard price                                                                     <u> $3.50 </u>

Materials quantity​ variance                                               <u>1,750  </u>unfavorable

Materials quantity​ variance= $1,750 unfavorable

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