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On 3/1/13, target Inc. paid P&G Co. $16,000 for bottles of cooking oil. Target Inc. will...

On 3/1/13, target Inc. paid P&G Co. $16,000 for bottles of cooking oil. Target Inc. will sell those bottles of oil to its customers. Target Inc. uses perpetual method to record inventory transactions

Costs are related to the purchase transaction:

Freight – In* ---------------------$ 800

*the bottles were purchased F.O.B. shipping point

Freight-Out-----------------------$ 900

Marketing costs -----------------$ 1,000

Write journal entry to record purchase of inventory

Dr. _______________

Cr. ________________

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