Details of invoices for purchases of merchandise are as follows:
Merchandise
Transportation
Terms
Returns and Allowances
a.$1,000
$25
FOB shipping point,1/10,n/30
$200
b.5,000
---
FOB destination,n/30
400
c.4,000
50
FOB shipping point,2/10,n/30
150
d.5,000
---
FOB destination,1/10,n/30
---
Determine the amount to be paid in full settlement of each of the invoices,assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
Correct Answer:
Verified
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