How much should anderson report as the cost of inventory

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Reference no: EM132091296

Question: Determining Inventory Cost in a Perpetual System Using the information in problem below, how much should Anderson's report as the cost of inventory?

Problem: Preparing Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual System Assume Anderson's General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. The company was charged $650 in transportation cost by National Trucking, immediately returned goods to American Wholesaling costing $1,200, and then took advantage of a 2/10, n/30 purchase discount. Prepare journal entries to record the inventory transactions, assuming Anderson's uses a perpetual inventory system.

Reference no: EM132091296

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