Recording an Inventory Purchase FSET Shields Company has purchased inventories incurring the following costs: (a) the invoice amount of $660, financed through a $550 note with the remainder paid in cash, (b) shipping charges of $33 on account, (c) interest of $11 accrued on the $550 borrowed to finance the purchase, and (d) $9 on account for the cost of moving the inventory to the company's warehouse. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template Note: Use negative signs with your answers, when appropriate. Transaction a. Purchase inventory b. Shipping charges c. Interest on note d. Cost of moving inventory Cash Asset + Noncash Asset Balance Sheet Liabilities + Contributed Capital + Earned Capital Revenues Income Statement Expenses = Net Income

Eecording an inventery Purchase FSET a. Detecmine the cest ta be atsiened ta the invertory 1 b Record the iransuctions wing the Phaodial vatement effects templase Note: Whe necalive vers with your anwwers when approprate