Cullumber Cosmetics Inc. had a number of transactions during the year relating to the purchase of...

Cullumber Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as noted below.

For each of the below independent transactions determine what amount should be included in inventory.

Lipstick products counted in the physical inventory amount to $23,700 which include $1,400 of duty charges for importing the goods and $2,300 of recoverable taxes (i.e. HST). (If an answer is zero, please enter 0. Do not leave any fields blank.)

Inventory

Makeup kits held on consignment by a retailer with a cost of $12,000 (inclusive of $1,200 of commissions to the retailer). (If an answer is zero, please enter 0. Do not leave any fields blank.)

Inventory

Costs of $4,600 to store makeup products in Cullumber Cosmetic’s warehouse. (If an answer is zero, please enter 0. Do not leave any fields blank.)

Inventory

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Expert Solution

Answer with explanation given below

ekkarill92 answered 1 year ago

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