A Company Purchased Inventory for $74,000 from a Vendor on Account,FOB

question 148

Multiple Choice

A company purchased inventory for $74,000 from a vendor on account,FOB shipping point,with terms of 3/10,n/30.The company paid the shipper $1,600 cash for freight in.The company paid the vendor nine days after the invoice date.If there was no beginning inventory,the cost of inventory would be ________.(Assume a perpetual inventory system. )

• A)$73,380
• B)$75,600
• C)$70,180
• D)$72,400

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Definitions:

Social Withdrawal

The act of avoiding or reducing participation in social activities and interactions.

Avolition

A symptom of schizophrenia marked by apathy and an inability to start or complete a course of action.

Motor Cortex

The region of the cerebral cortex involved in the planning, control, and execution of voluntary movements.

Catatonic Schizophrenia

A subtype of schizophrenia characterized by a range of motor abnormalities, from a complete lack of movement to excessive motor activity or extreme negativism.