Select Apparel purchased 90 new shirts and recorded a total cost of $2,258 determined as follows: Required:

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Select Apparel purchased 90 new shirts and recorded a total cost of $2,258 determined as follows:

Required:
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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Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0078025556

8th edition

Authors: Robert Libby, Patricia Libby, Daniel Short

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Question Posted: Jul 01, 2014 02:03 AM

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Select Apparel purchased 90 new shirts and recorded a total cost of $2,258 determined as follows: Required:

Question:

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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Financial Accounting

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