A Company Using the Perpetual Inventory System Purchased Inventory Worth

question 187

Multiple Choice

A company using the perpetual inventory system purchased inventory worth $21,000 on account with terms of 3/10,n/30.Defective inventory of $1,000 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)$600
• B)$660
• C)$630
• D)$620

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Definitions:

Uncentralized Political System

A form of governance where power or legal authority is dispersed among various levels of government or organizations rather than being centralized in a single authority.

Large Population

A significant number of individuals belonging to a particular species living within a specified area, which can impact its ecosystem and resources.

Formal Political Power

The officially sanctioned ability to influence or control the actions of others, typically vested in government or organizational leaders.

Kapauku

A Papuan ethnic group living in the Papua province of Indonesia, known for their unique social, economic, and cultural practices.