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During the first month of operations, ABC Company incurred the following costs in ordering and receiving merchandise for resale. No inventory was sold.
List price, $100, 200 units purchasedVolume discount, 10% off list pricePaid freight costs, $56Insurance cost while goods were in transit, $32Long-distance phone charge to place orders, $4.35Purchasing department salary, $1,000Supplies used to label goods at retail price, $9.75Interest paid to supplier, $46
Required
What amount do you recommend the company record as merchandise inventory on its balance sheet? Explain your answer. For any items not to be included in inventory, indicate their appropriate treatment in the financial statements.
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