Melbourne Company sold merchandise that it had purchased with a list price of $3,300.The credit terms were of 2/10,n/30.Assuming that Melbourne paid for the merchandise during the discount period,the cost of goods sold for this transaction would be $2,970.

Question

Quizplus · Accepted Answer

Purchase discount = $3,300 × 0.02 = $66
Cost of goods sold = List price of purchase - Purchase discount
Cost of goods sold = $3,300 - $66 = $3,234

Melbourne Company Sold Merchandise That It Had Purchased with a List