Reference no: EM132980664
Questions -
Q1 A company purchased a new machine on a deferred settlement basis. A down payment of P100,000 was made and 4 monthly installments of P250,000 are to be made at the end of each month.
The cash equivalent price of the machine was P950,000.
The vendor was not able to install the machine on the same day of delivery because of the ongoing strike in the company.
Hence, the company incurred P5,000 storage cost for one week.
After a week, the vendor came back to install the machine and the company incurred and paid installation cost amounting to P30,000.
What is the amount to be capitalized as cost of the machine?
Q2. Considering the following information of a manufacturing company, compute for the total amount of inventory:
Raw materials 10,000.00
Prepaid insurance for the inventory 20,000.00
Marketing costs 30,000.00
Goods out on consignment 70,000.00
Goods in transit FOB shipping point 50,000.00
Goods in transit FOB destination 60,000.00
Goods held on consignment 80,000.00
Finished goods inventory in the warehouse 40,000.00
Show your computation and the final answer below.
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