ABC Electrical Supply Company Purchased $560,000 of Inventory

question 111

Essay

ABC Electrical Supply Company purchased $560,000 of inventory.Goods of $35,000 were returned.ABC received an early discount of $55,000 and paid freight in of $15,000 and freight out of $20,000.Compute the net cost of inventory purchased.Label your work and show all computations.

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Definitions:

Lipids

A broad group of naturally occurring molecules that include fats, oils, waxes, and certain vitamins, characterized by their insolubility in water but solubility in organic solvents.

Disaccharide

A carbohydrate made up of two monosaccharide molecules bonded together, examples include sucrose and lactose.

Simple Sugar

Small carbohydrate molecules that serve as a source of energy and building blocks for more complex carbohydrates, such as glucose and fructose.

Deoxyribose

A sugar component of DNA, having one less oxygen atom than ribose, the sugar component of RNA.