A company purchased inventory for $2,500 from a vendor on account, FOB shipping point, with...
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Accounting
A company purchased inventory for $2,500 from a vendor on account, FOB shipping point, with
terms of 2/10, n/30. The company paid the shipper $200 cash for freight in. The company then returned
damaged goods worth $400. The invoice was then paid eight days after the invoice date. Assuming that
there was no beginning inventory balance, the cost of inventory would be ________. (Assume a
perpetual inventory system.)
A) $2,058
B) $2,258
C) $2,300
D) $2,450
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