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Find the total cost of the self-constructed equipment

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Question - Various equipment used by TWENTYFOUR CO in its operations are either purchased from dealers or self-constructed. The following items for two different types of equipment were recorded during the calendar year 2016.

Manufacturing equipment (self-constructed)

Materials and purchased parts at gross invoice price (Twentyfour failed to take the 2% cash discount) P450,000

Imputed interest on funds used during construction (stock financing) 36,000

Labor costs 185,000

Overhead costs (fixed - P40,000; variable - P60,000) 100,000

Gain on self-construction 74,000

Installation cost 8,600

Find the total cost of the self-constructed equipment?

Reference no: EM132618492

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