Requirements

1.	Journalize the purchase transactions. Explanations are not required.
2.	In the final analysis, how much did the inventory cost Salem ?

Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.)

Feb.Feb.

22 :

Salem buys $21,500 worth of inventory on account with credit terms of 1 divided by 15 comma n divided by 60 comma1/15, n/60,

FOB shipping point.

Date			Accounts	Debit	Credit
Feb. 2

Feb.Feb.44 :

Salem pays a $140 freight charge.

Date			Accounts	Debit	Credit
Feb. 4

Feb.Feb.77 :

Salem returns $5,600 of the merchandise due to damage during shipment.

Date			Accounts	Debit	Credit
Feb. 7

Feb.Feb. 1414 :

Salem paid the amount due, less return and discount.

Date			Accounts	Debit	Credit
Feb. 14

Requirement 2. In the final analysis, how much did the inventory cost SalemSalem ?

The inventory cost for Salem is $