Beginning Inventory Was $32,000

question 88

Essay

Beginning inventory was $32,000. During the year, Yancey Company purchased goods totaling $634,000 on account with terms of 2/10, n/30, FOB shipping point. Yancey Company paid $1,000 in total freight charges directly to the freight company. At the end of the year, inventory on hand totaled $45,000. Net sales reported on the income statement for the year totaled $1,300,000.
-Refer to the information provided for Yancey Company. How much would Yancey Company pay its supplier if it 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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Definitions:

Interests

Personal preferences or areas of curiosity that attract an individual's attention and engagement, playing a significant role in motivation and life satisfaction.

Social Interest

A concept in psychology referring to an individual's inclination towards empathy, community feeling, and considering the welfare of others as a guiding principle.

Common Welfare

A concept referring to the overall health, happiness, and well-being of a group or society.

Humanity

The collective qualities and conditions of human beings, including kindness, compassion, and understanding towards others.