A Company Purchased Inventory for $2,500 from a Vendor on Account,FOB

question 208

Multiple Choice

A company purchased inventory for $2,500 from a vendor on account,FOB shipping point,with terms of 2/10,n/30.The company paid the shipper $200 cash for freight in.The company then returned damaged goods worth $400.The invoice was then paid eight days after the invoice date.Assuming that there was no beginning inventory balance,the cost of inventory would be ________.(Assume a perpetual inventory system. )

• A)$2,058
• B)$2,258
• C)$2,300
• D)$2,450

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Definitions:

Prosopagnosia

A neurological disorder characterized by the inability to recognize faces.

Stimuli

Any external or internal event or object that influences reactions or responses from a biological organism or system.

Tone Sensitivity

The ability to distinguish different frequencies of sound or musical notes.

Absolute Threshold

The minimum intensity of a stimulus that one can detect 50% of the time.