A company purchased inventory for $4,000 from a vendor on​ account, FOB shipping​ point, with terms of 4​/10, ​n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $200. 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.)

Respuesta :

Answer: Cost of inventory is $3,748

Explanation:

inventory purchased $4,000

Less:

Return of damaged goods $200

Total purchase payable. $3,800

Less: 4% discount

($3,800 x4%). $152

Amount payable. $3,648

Add: freight. $100

Cost of inventory is $ 3,748

ACCESS MORE
EDU ACCESS