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Unfortunately, you have had several medical procedures in the current year with the following bills, $2,000, $9,200, $18,000, $5,000, and $3,500. Your deductible is $2,400, after which your co-pay is 10%. Your policy also includes a $6,000 out-of-pocket maximum clause. How much of the total bills are you responsible to pay?
FOB Shipping Point
This refers to a shipping term where the buyer assumes responsibility for the goods the moment they leave the seller’s premises.
Accounts Payable
A liability account that records amounts the company owes to suppliers or creditors for purchases or services received on credit.
Physical Inventory Count
A physical inventory count is the process of manually counting all merchandise or stock in a business to verify records and manage inventory levels.
Cost Of Inventory
The total cost incurred to acquire, produce, and place inventory items available for sale, including purchase price, shipping, handling, and storage.
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