Reference no: EM13933897
Callegari Basket Company had an $8,500 beginning balance in its Merchandise Inventory account. The following information regarding Callegari's purchases and sales of inventory during its 2013 accounting period was drawn from the company's accounting records:
1. Purchased $45,000 of inventory under terms 1y10, nety60. Transportation costs amounted to $700. The goods were delivered FOB shipping point. Callegari paid for the inventory within the discount period.
2. Purchased $40,000 of inventory under terms 2y10, nety30. Transportation costs amounted to $900. The goods were delivered to Callegari FOB destination. Callegari paid for the inventory after the discount period had expired.
3. Sold inventory that cost $56,000 for $94,000. Transportation costs for goods delivered to customers amounted to $3,200. The goods were delivered FOB destination.
Required:
a. Determine the balance in the Inventory account at the end of the accounting period.
b. Is Callegari or its customers responsible for the transportation costs described in Event 3?
c. Determine the gross margin.
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