Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

I bought 650 pieces of inventory (let's say I bought books) to resell it and cost me $26000, the shipping cost is $15,000, tax $1400,

I bought 650 pieces of inventory (let's say I bought books) to resell it and cost me $26000, the shipping cost is $15,000, tax $1400, and customs $1300

My question

1- what is the journal entry for this case?

2- what is the cost of each book?

3- The journal entry after selling a book or more ( GOCS ) ?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost management a strategic approach

Authors: Edward J. Blocher, David E. Stout, Gary Cokins

5th edition

73526940, 978-0073526942

Students also viewed these Accounting questions

Question

Expand the following expr log(x^(3)y^(7))/(z^(6))

Answered: 1 week ago