Question: The chapter discussed three inventory costing methods. List the three methods and briefly explain each. Required: Make the needed corrections in this calculation. Prepare the

The chapter discussed three inventory costing methods. List the three methods and briefly explain each.

Required:
Make the needed corrections in this calculation. Prepare the journal entry or entries to record this purchase in the correct amount, assuming a perpetual inventory system. Show computations.

Invoice amount Shipping charges Import taxes and duties Interest paid in advance on loan $2,180 175 145 120 $2,620 to finance the purchase

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