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Carpenter Entity (CE) incurred the following expenditures in producing a dinner table for sale to a furniture store: (10 points) Purchase price of lumber $100

  1. Carpenter Entity (CE) incurred the following expenditures in producing a dinner table for sale to a furniture store: (10 points)

Purchase price of lumber

$100

Discount on purchase

10

Freight on purchase

25

Refundable purchase tax

5

After-sales warranty costs

5

Wages of carpenters

75

Wages of workshop supervisor

50

Workshop utilities

3

Wage of front office receptionist

15

Marketing costs

10

Calculate the cost of the inventory and make the entry to record the inventory cost.

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