Recording an Inventory Purchase

Shields Company has purchased inventories incurring the following costs: (a) the invoice amount of $8,000, (b) shipping charges of $480, (c) interest of $160 on the $8,000 borrowed to finance the purchase, and (d) $80 for the cost of moving the inventory to the company's warehouse.

Required Determine the cost to be assigned to the inventory. $Answer Record the purchase using "T" accounts.

Inventory (A)
(a)	Answer	Answer
(b)	Answer	Answer
(c)	Answer	Answer
(d)	Answer	Answer

Accounts Payable (L)
(a)	Answer	Answer
(b)	Answer	Answer
(c)	Answer	Answer
(d)	Answer	Answer

Notes Payable (L)
(a)	Answer	Answer
(b)	Answer	Answer
(c)	Answer	Answer
(d)	Answer	Answer

Interest Expense, Discounts Lost (E)
(a)	Answer	Answer
(b)	Answer	Answer
(c)	Answer	Answer
(d)	Answer	Answer