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Problem 3) LO 6.1: Inventory expenditures. Beerbo began its fiscal year 2022 with no Inventory. On January 2, 2022, Beerbo purchased $260,000 of Inventory on
Problem 3) LO 6.1: Inventory expenditures. Beerbo began its fiscal year 2022 with no Inventory. On January 2, 2022, Beerbo purchased $260,000 of Inventory on account from MFG.Co and paid $3,500 in shipping to get the inventory to its warehouse. On January 4, 2022, It returned $25,500 of merchandise to MFG.CO. On January 5, 2022, Beerbo paid the balance owed to MFG.Co net of a $2,800 discount for early payment. On January 12, 2022, Beerbo sold all of its Inventory to Mitter Lite for $350,500 and incurred the following costs to ship the goods: Freight out: $1,200 Insurance on shipment to Mitter: $500 Tariff taxes on shipment to Mitter: $45 From Beerbo's perspective, what was the cost of the inventory It sold to Mitter? Cost of Inventory= 236,945
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