Solved

A Company Purchased Inventory for $2,500 from a Vendor on Account,FOB

Question 81

Multiple Choice

A company purchased inventory for $2,500 from a vendor on account,FOB shipping point,with terms of 2/10,n/30.The company paid the shipper $200 cash for freight in.The company then returned damaged goods worth $400.The invoice was then paid eight days after the invoice date.Assuming that there was no beginning inventory balance,the cost of inventory would be ________.(Assume a perpetual inventory system. )


A) $2,058
B) $2,258
C) $2,300
D) $2,450

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents