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Exercise 5-5 (Algo) Determining inventory ownership and costs in transit LO P1 For each transaction of Sealy Company, ( a ) determine whether or not
Exercise 5-5 (Algo) Determining inventory ownership and costs in transit LO P1
For each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during transit. (b) If Sealy is responsible for transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used.
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