Problem #5 Renz Aguhob Fireworks engaged in the following purchase transactions during the month. The...
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Problem #5 Renz Aguhob Fireworks engaged in the following purchase transactions during the month. The entity observes the policy that all returns are made one day after the goods are received, and that all purchases are paid within the discount period. Trade Discount List Price FOB Terms Freight Purchase Credit Terms Charges Returns and Allowances 2/10, n/30 1/10, /30 2/10, n/30 n/30 30% 20% P 21,000 Shipping Pt. 126,000 Destination P 4,000 9,000 2,000 1,000 14,000 P 224,000 7,000 9,000 90,000 Shipping Pt, . 41,000 Shipping Pt. 357,000 Destination 25% 20% 24,000 3/10, n/30 Required: Using the table above, calculate the amount needed to settle each purchase
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