Homework Answers
Answer:
Option 3rd is correct. i.e $79,720
| Cost Recorded for Machine = List Price net of cash discount +Transportation costs + Sales tax paid + Installation costs |
| List price net of discount = $76,000 - ($76,000*5%) = $72,200 |
| Cost recorded for the machine = $72,200 + $1,900 + $4,320 +$1,300 = $79,720 |
| Routine mainence is not cost of the machine. it is expensed during the month it incurred. |
| Note: It is assumed that Sales tax is not recoverable in nature. |
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