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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What if the freight charges on a new desk for the owner were journalized and posted to the Freight In account? Would this affect the Cost of Goods Sold section? If so, how?

To determine

Explain the impact of freight charges being journalized and posted to Freight-In account, and explain its effect on Cost of Goods Sold.

Explanation

Freight-in: The shipment charges and handling charges incurred for transportation of asset or merchandise purchased, paid by the buyer, is referred to as freight-in.

Impact of freight charges on Freight-In account and Cost of Goods Sold: Freight-in is a product cost because it is related to the inventory purchased...

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