Fairchild Company acquired a building valued at $210,000 for property tax purposes in exchange for 6,000 shares of its $10 par common stock. The stock is widely traded and selling for $31 per share.
At what amount should the building be recorded by Fairchild Company?
a) $60,000 b) $150,000 c) $186,000 d) $210,000
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Ответ:
$ 186 000
Explanation:
The cost of the building = $210,000
the shares that was exchange for it was 6000 with selling price of $ 31 per share
the amount for the building that should be recorded by Fiarchild Company = 6000 × $ 31 = $ 186 000
Ответ:
Total amount of Benson's product costs - $ 205,200
Explanation:
Computation of Benson's product cost
Materials Used $ 120,000
Wages for assembly line workers $ 62,800
Property taxes for factory $ 14,000
Salary for factory manager $ 8,400
Total items considered for product costs $ 205,200
The other data provided in the question i.e Rent and Utilities for administrative offices, CEO' s salary and depreciation on delivery equipment are of the nature of selling and administrative expenses, and thus is not included in product costs.