A company purchased inventory for $ 3 comma 000 from a vendor on account, FOB...
80.2K
Verified Solution
Link Copied!
Question
Accounting
A company purchased inventory for $ 3 comma 000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $ 300 cash for freight in. The company then returned damaged goods worth $ 500. 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 comma 750 B. $ 2 comma 940 C. $ 2 comma 700 D. $ 2 comma 450
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.