A Company Purchased Inventory for $2,000 from a Vendor on Account,FOB

question 84

Multiple Choice

A company purchased inventory for $2,000 from a vendor on account,FOB shipping point,with terms of 3/10,n/30.The company paid the shipper $300 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) $1,552
• B) $1,852
• C) $1,700
• D) $1,940

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Definitions:

Integrated Care

A coordinated approach to healthcare that ensures patients receive a continuum of health services across different levels and sites of care, according to their needs over time.

Multidisciplinary Teams

Groups composed of members from different healthcare and/or professional backgrounds who work together towards common goals for patient care.

Elder Abuse

Mistreatment or harm to older adults, which may take the form of physical, emotional, financial abuse, or neglect.

Overmedication

The excessive use of medications when less drug therapy or none at all would be healthier, often leading to unnecessary side effects and interactions.