Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $60,000 on January...
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Accounting
Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $60,000 on January 2, 2007. Credit terms of 5/15, n/60 applied. Jorgensen uses a perpetual inventory system and the net price method. If Jorgensen pays for the purchase on March 15, 2007, what amount is recorded for inventory on January 2, 2007?
a.
$60,000
b.
$51,000
c.
$57,000
d.
$36,000
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