Homework Answers
All the costs that are directly related to purchase of inventory and that are incurred to make the inventory ready for use are treated as cost of inventory. So, here, purchase price, shipping charges, import taxes and duties and interest on borrowed funds, all these costs will be part of cost of inventory.
Required journal entry is :
| Date | Description | Debit | Credit |
| 1 | Inventory or Merchandise inventory | 2715 | |
| Cash | 2715 | ||
| (for inventory purchased on cash) |
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