A Company Using the Perpetual Inventory System Purchased Inventory Worth

question 161

Multiple Choice

A company using the perpetual inventory system purchased inventory worth $20,000 on account with terms of 2/10,n/30.Defective inventory of $3,000 was returned two days later,and the accounts were appropriately adjusted.If the invoice is paid within 10 days,the amount of the purchase discount that would be available to the company is ________.

• A)$340
• B)$460
• C)$400
• D)$390

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Definitions:

Final Method

A final method in Java is a method that cannot be overridden by subclasses, ensuring consistent behavior across different implementations of a class hierarchy.

Compiler Uses

Processes involving the translation of code written in a high-level programming language to a lower-level language, often machine code, so it can be executed by a computer.

Early Binding

The process of linking a function call to the actual code to be executed, done at compile time.

Abstract Class

A class that cannot be instantiated on its own and is designed to be a base class for other classes, often containing abstract methods.