Reference no: EM132627094
Question - Worf Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2020.
Purchase
Cash paid for equipment, including sales tax of $5,000 $105,000
Freight and insurance cost while in transit 2,000
Cost of moving equipment into place at factory 3,100
Wage cost for technicians to test equipment 4,000
Insurance premium paid during first year of operation on this equipment 1,500
Special plumbing fixtures required for new equipment 8,000
Repair cost incurred in first year of operations related to this equipment 1,300
Construction
Material and purchased parts (gross cost $200,000; failed to take 2% cash discount) $200,000
Imputed interest on funds used during construction (stock financing) 14,000
Labor costs 190,000
Allocated overhead costs (fixed-$20,000; variable-$30,000) 50,000
Profit on self-construction 30,000
Cost of installing equipment 4,400
If an item is not capitalized as a cost of the equipment, indicate how it should be reported.
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