A Company Purchased Inventory for $3,000 from a Vendor on Account,FOB

question 6

Multiple Choice

A company purchased inventory for $3,000 from a vendor on account,FOB shipping point,with terms of 2/10,n/30.The company paid the shipper $100 cash for freight in.The company then returned damaged goods worth $200.The invoice was then paid eight days after the purchase.Assuming that there was no beginning inventory balance,the cost of inventory would be ________.(Assume a perpetual inventory system. )

• A)$2,744
• B)$2,844
• C)$2,900
• D)$2,940

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Definitions:

Grades

Levels or steps within a hierarchical evaluation system, typically used to assess performance, quality, or rank.

Attributional Errors

Cognitive biases that occur when one incorrectly attributes the cause of a behavior or event to the wrong source, often leading to misunderstandings.

Work Setting

The physical and social environment in which a person performs their job.

Impression Management

The conscious or subconscious process by which individuals attempt to control the perceptions others have of them, typically in social or professional contexts.