On December 1st, 20X8, Art Furniture S.R.L., a local furniture wholesaler, purchased an inventory of 2000 oak chairs at a total acquisition price of 1,560,000 lei. The supplier offered a 2% trade discount and the delivery costs involved were in the amount of 20,000 lei. Also, the acquisition involved handling expenses in the amount of 40,000 lei. 19% VAT is applied to all received invoices. The company’s depreciation expenses are in the amount of 250,000 lei. What is the value at which the oak chairs will be recognised by Art Furniture S.R.L.? Present the accounting treatment correspondent to the oak chairs inventory.
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