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On 15 June 2024, Joiners Ltd imports 250,000 units of an inventory item as a special order from Asia to be supplied to client Hamptons
On 15 June 2024, Joiners Ltd imports 250,000 units of an inventory item as a special order from Asia to be supplied to client Hamptons Ltd and has incurred the following costs in relation to that acquisition and supply: Purchase price: $226,000 Import Duties: $11,225 GST Paid: $22,600 Freight cost (from port to warehouse): $7,775 Re-packaging costs in the warehouse per customer requirement: $2,500 Required (a) What is the value of inventory acquired per unit? (5 marks) (b) The inventory is to be sold on 26 June 2024 on credit to Hamptons Ltd for a price of $1.87 per unit (inc. GST) and in so doing incurred freight cost (from warehouse to customer) totaling $4,180 (including GST). Record the transactions in the journal below relevant to both the purchase of the inventory and the subsequent sale. (11 marks) chegg
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