Question

Assume anderson general store bought, on credit, a truckload of merchandise from american wholesaling costing 23400. if anderson paid national trucking 690 cash for transportatino, immediately returned goods to amerian wholesailing costing 1300, and then paid american wholesaling within the 3/ 30, n/60 purchase discount period. How much did this inventory cost anderson?

Answer 1

Answer:

Explanation:

Cost of inventory = Purchase cost + Transportation cost - Purchase return - Purchase discount

Purchase cost = 23,400

Transportation cost = 690

Purcahse return = 1300

Purchase discount = (23400 - 1300)*3% = 663

Cost of inventory = 23,400 +690-1300-663 = 22,127