Lost Discounts indicates that the recorded cost of an item purchased for inventory is its:
A) Invoice price.
B) Invoice price plus any purchase discount already lost.
C) Invoice price less any purchase discount already taken.
D) Invoice price less the purchase discount allowable whether or not taken to date.

Question

Quizplus · Accepted Answer

Lost Discounts indicates that the recorded cost of an item purchased for inventory is its invoice price less the purchase discount allowable whether or not taken to date.

Lost Discounts Indicates That the Recorded Cost of an Item