Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. downtown market purchased inventory for $4,600 and

Downtown Market purchased inventory for $4,600 and also paid a $340 freight bill. Downtown Market...

90.2K

Verified Solution

Question

Accounting

imageimage

Downtown Market purchased inventory for $4,600 and also paid a $340 freight bill. Downtown Market returned 20% of the goods to the seller and later took a 1% purchase discount. Assume Downtown Market uses a perpetual inventory system. What is Downtown Market's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) A. $911 B. $3,983 C. $3,912 D. $3,643 records sales at the net amount.) A. $139,000 B. $297,000 C. $300,000 D. $161,000

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Finance
1.2K views

Macro Company has the following adjusted accounts and balances at June 30: Macro Company has the following adjusted...

Mechanical Engineering
1.2K views

What are the main differences between natural and forced convection flows? In the lab experiments, explain...

Electrical Engineering
1.2K views

what is the difference between the external amplifiers and internal amplifiers? Defined both

Basic Math
1.2K views

1) A grocery store carries the following items. There are two main categories of food –...

Physics
1.2K views

A block of mass m moving with a velocity vo collides with a stationary block...

Basic Math
1.2K views

A large hotel chain needs to apportion 30 new surfboards for its visitors to rent...

Calculus
1.2K views

Rolsonut serbe a levisani Find the equation of tangent line to the curve x xy...

Accounting
1.2K views

On February 1, 2020, Norton Company transferred the receivables on a with recourse basis with...

Accounting
1.2K views

Question 2 (30 marks) Discuss the factors that a business should consider when deciding...

Finance
1.2K views

You have the option of paying by fees or compensating balances for your bank fees....

Accounting
1.2K views

On June 25, McCade Repair Service extended an offer of $160,000 for land that had...

Finance
1.2K views

During 1995, the Mexican peso exchange rate rose from MXP5.33/USD to MXP7.64/USD. At the same...