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What is the total cost of the self-constructed equipment

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Question - Various equipment used by ABC Corporation in its operations are either purchased from dealers or self-constructed. The company is self-constructing a manufacturing equipment incurring the following costs:

Materials and purchased parts at gross invoice price (ABC Corporation failed to take the 2% cash discount): 300,000

Imputed interest on funds used during construction (stock financing): 21,000

Labor cost: 285,000

Overhead cost - 75,000 (fixed - 30,000 and variable: 45,000)

Gain on self-construction: 45,000

Required - What is the total cost of the self-constructed equipment?

Reference no: EM133130589

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