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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company paid the shipper $300 cash for freight in. The company then returned damaged goods worth $300. 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) $2,919
B) $2,619
C) $2,700
D) $2,910
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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#3
7 years ago
I'm liking this Slight Smile
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