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andrey2020 [161]
3 years ago
6

A company purchased inventory for $ 2 comma 000 from a vendor on​ account, FOB shipping​ point, with terms of 2​/10, ​n/30. The

company paid the shipper $ 200 cash for freight in. The company then returned damaged goods worth $ 400. 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.)
Business
1 answer:
Flauer [41]3 years ago
8 0

Answer:

Inventory would be 1, 768

Explanation:

2,000  goods

 +200  freight-in (A)

  -400  returned goods

 <u>   -32 </u> discount (B)

1, 768 net amount for inventory

<u>Notes:</u>

(A) The freight-in will be included in the inventory, as is a cost needed to have the inventory in the company's possession and be ready to use or sell.

(B) goods x discount rate

net goods 2,000 - 4,00 return = 1,600

discount for payment within 10 days 2%

Discount on purchase: 1,600 x 2% = 32

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i'm not able to add the balance of the answer so pls go to https://en.wikipedia.org/wiki/Bona_fide_occupational_qualification

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