Cooking Corner

Cooking Corner reported inventory on its balance sheet at December 31, 2016 at $32,000. During 2017, Cooking Corner purchased goods totaling $634,000 on account with terms of 2/10, n/30, FOB shipping point. Total charges paid by Cooking Corner directly to the freight company were $1,000. At the end of 2017, inventory on hand totaled to $45,000. Net sales for 2017 totaled $1,300,000. Cooking Corner employs a periodic inventory system.

-Refer to the information about Cooking Corner.

How much would Cooking Corner pay its supplier if Cooking Corner paid for one-half of the goods acquired within the discount period,and the other half after the expiration of the discount period?

Question

Cooking Corner

Cooking Corner reported inventory on its balance sheet at December 31, 2016 at $32,000. During 2017, Cooking Corner purchased goods totaling $634,000 on account with terms of 2/10, n/30, FOB shipping point. Total charges paid by Cooking Corner directly to the freight company were $1,000. At the end of 2017, inventory on hand totaled to $45,000. Net sales for 2017 totaled $1,300,000. Cooking Corner employs a periodic inventory system.

-Refer to the information about Cooking Corner.
 
How much would Cooking Corner pay its supplier if Cooking Corner paid for one-half of the goods acquired within the discount period,and the other half after the expiration of the discount period?

Quizplus · Accepted Answer

The Answer of Cooking Corner

Cooking Corner reported inventory on its balance sheet at December 31, 2016 at $32,000. During 2017, Cooking Corner purchased goods totaling $634,000 on account with terms of 2/10, n/30, FOB shipping point. Total charges paid by Cooking Corner directly to the freight company were $1,000. At the end of 2017, inventory on hand totaled to $45,000. Net sales for 2017 totaled $1,300,000. Cooking Corner employs a periodic inventory system.

-Refer to the information about Cooking Corner.
 
How much would Cooking Corner pay its supplier if Cooking Corner paid for one-half of the goods acquired within the discount period,and the other half after the expiration of the discount period?

Cooking Corner Cooking Corner Reported Inventory on Its Balance Sheet at December