Select Apparel purchased 90 new shirts and recorded a total cost of $2,258 determined as follows: Required:
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Make the needed corrections in this calculation. Give the journal entry(ies) to record this purchase in the correct amount, assuming a perpetual inventory system. Showcomputations.
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Invoice cost Shipping charges Import taxes and duties Interest (6.0%) on $1,800 borrowed to finance the purchase $1,800 185 165 108 $2,258
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Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
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