TEST 2 (30%): USING THE TABLE BELOW, CALCULATE THE AMOUNT NEEDED TO SETTLE EACH PURCHASE....
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TEST 2 (30%): USING THE TABLE BELOW, CALCULATE THE AMOUNT NEEDED TO SETTLE EACH PURCHASE. SGB Corporation engaged in the following purchase transactions during the Month of May 2021. The company 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.
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| List Price | FOB TERMS | Freight Charges | Purchase Returns and Allowances | Credit Terms | Trade Discount |
| A | P455,000 | Shipping | P10,000 | P45,000 | 3/10 n/30 | 30% |
| B | 575,000 | Destination | 12,000 | 24,000 | 2/10, n/30 | 20% |
| C | 780,000 | Destination | 15,000 | 14,000 | 3/10, n/30 | 20% |
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