Question

Company purchased a truckload of wicker chairs in 2020. The manufacturer sold the chairs to Sturdy for a lump sum of $58,900, because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs were included in the truckload. The three types and the estimated selling price for each are listed below: Type No. of chairs Estimated selling price Lounge chairs 400 $90 per chair Armchairs 300 $80 per chair Straight chairs 700 $50 per chair Sturdy Furniture uses a perpetual inventory system. Required: (a) Prepare the journal entry to record the purchase of the chairs assuming a perpetual inventory system.

Answer 1

Answer:

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Explanation:

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