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Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $27,250. In addition, Jose incurred the following expenses before using the van: shipping costs of $840; paint to match the other fleet vehicles at a cost of $1,800; registration costs of $4,488, which included $4,200 of sales tax and an annual registration fee of $288; wash and detailing for $87; and an engine tune-up for $337

Required:
What is Jose’s cost basis for the delivery van?

Respuesta :

abiolataiwo2015

Answer:

$34,090

Explanation:

Calculation to determine Jose's cost basis for the delivery van

Using this formula

Delivery van cost basis=Price + Shipping cost + Paint + Sales tax

Let plug in the formula

Delivery van cost basis=$27,250 + $840 + $1,800 + $4,200

Delivery van cost basis = $34,090

Therefore Jose's cost basis for the delivery van will be $34,090

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