Gamma purchases 100 items of product A for sale in the ordinary course of business...
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Accounting
Gamma purchases 100 items of product A for sale in the ordinary course of business for $2,000 and pays $30 in freight charges and $5 in insurance for transportation. A total of 50 items of product A were shipped to a consignee immediately after being received. The remaining 50 items are expected to stay in a warehouse together with multiple other different items held for sale in the ordinary course of business for approximately 3 months. Gamma pays $70 per month in warehouse rent. Assuming a zero beginning balance, the value for inventory of Product A on Gamma's balance sheet will be: $2,245 $2,035 $1,000 $1,017.50
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