Nona hat shop received a shipment of hats for which it paid, Accounting Basics

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Nona hat shop received a shipment of hats for which it paid

Question: 1. Nona Hat Shop received a shipment of hats for which it paid the wholesaler $2,940. The price of the hats was $3,000, but Nona was given a $60 cash discount and required to pay freight charges of $75. What amount should Nona include in inventory? Why?

2. What is the primary basis of accounting for inventories?

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Accounting Basics: Nona hat shop received a shipment of hats for which it paid

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