Cooking Corner
Cooking Corner reported inventory on its balance sheet at December 31,2013 at $32,000.During 2014,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 2014,inventory on hand totaled to $45,000.Net sales for 2014 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?

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The Answer of Cooking Corner
Cooking Corner reported inventory on its balance sheet at December 31,2013 at $32,000.During 2014,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 2014,inventory on hand totaled to $45,000.Net sales for 2014 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