Topp Hat Shop received a shipment of hats for which it paid the wholesaler $2,900. The price
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Question:
Topp Hat Shop received a shipment of hats for which it paid the wholesaler $2,900. The price of the hats was $2,930 but Topp was given a $30 cash discount and required to pay freight charges of $50. In addition, Topp paid $140 to cover the travel expenses of an employee who negotiated the purchase of the hats. What amount will Topp record for inventory?
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