Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30.
Returned $1,200 of the shipment for credit.
Paid $300 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's inventory increased by

Question

Quizplus · Accepted Answer

The net cost of the goods after taking the discount is:
$60,000 - ($60,000 x 0.02) = $58,800
The inventory would be increased by the net cost of the goods plus any associated costs:
$58,800 + $1,200 + $300 = $60,300
Therefore, the correct answer is C) $57,924 is the closest option to $60,300.

Jake's Market Recorded the Following Events Involving a Recent Purchase