A Company Purchased Inventory for $2000 from a Vendor on Credit,FOB

question 22

Multiple Choice

A company purchased inventory for $2000 from a vendor on credit,FOB shipping point,with terms of2/10,n/30.The company paid the shipper $100 cash for freight in.The company then returned damaged goods worth $200.The invoice has been paid 8 days after the sale.Assuming that there was no beginning inventory balance,the cost of inventory would be: (Assume a perpetual inventory system. )

• A)$1864.
• B)$1900.
• C)$1960.
• D)$1764.

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Definitions:

Sponsor

an individual or organization that supports an event, activity, person, or organization financially or through the provision of products or services.

Sociological Research Method

A structured process of inquiry that uses various methods, including surveys, interviews, and observation, to investigate social phenomena and relationships.

Participant Observation

A qualitative research method where the researcher actively engages in the community or group being studied to gather insights and understand social dynamics.

Existing Statistics

Pre-collected numerical data that represents information or inputs on a variety of topics within a society or specific field of study.