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Compute the cost of inventory to marks

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Suppose Marks uses the perpetual inventory system to purchase T-shirts on account for $15,000 from an overseas supplier. It cost Marks $1,000 FOB supplier to ship the T-shirts as well as duty and excise fees of $200. Marks was also fined $300 for unloading the inventory in an unauthorized area.

Problem 1. Compute the cost of inventory to Marks.

Problem 2. Marks pays $500 cash to deliver the goods to three regional retail outlets. How would this cost be recorded?

Reference no: EM132945954

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