Summit, Inc., acquired a machine that involved the following expenditures and related factors: Gross invoice price $81,600 Sales tax 5,280 Cash discount taken 1,632 Freight 2,880 Assembly of machine 2,400 Installation of machine 3,600 Tuning and adjusting machine before use 1,920 The initial accounting cost of the machine should be:

Camping gear, inc. had 500 units of inventory on hand at the end of the year. these were recorded at a cost of $ 13 each using the lastminusin, firstminusout (lifo) method. the current replacement cost is $ 9 per unit. the selling price charged by camping gear, inc. for each finished product is $ 14. as a result of recording the adjusting entry as per the rule, the gross profit will