Question: Invoice price of goods is 1 000 Purchase terms are 1 10
Invoice price of goods is $1,000. Purchase terms are 1/10, n/30 and the invoice is paid in the week of receipt. The shipping terms are FOB shipping point, and the shipping costs amount to $200. What is the total cost of the inventory?
Answer to relevant QuestionsSam’s Supply, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:In February, Sam’s sold $320,000 of merchandise on account with terms 3/10, n/30. The cost of the ...Given the following information, calculate the amount by which net income would differ between FIFO and LIFO. Assume the periodic system.Beginning inventory ........ 2,000 units at $10 per unitPurchases ............. 5,000 ...Assume Box Office uses a perpetual recordkeeping system and the FIFO cost flow method.1. Calculate the cost of goods sold that will appear on the income statement for the month of August.2. Determine the cost of inventory ...Bob’s Barber Supplies sells hair clippers to local businesses. The company began the first quarter of the year January 1, 2009, with 1,000 units of inventory on hand. These units cost $50 each. The following transactions ...The following transactions occurred during July 2010 at Tiny’s Sports Shop:July 2 Purchased weights on credit from Barbells Company for $900, with terms 3/10, n/30July 4 Paid freight of $75 on the July 2 purchaseJuly ...
Post your question