Rondos Sports Wear made the following purchases in June of the current year: June 7Purchased $5,000 of
Question:
Rondo’s Sports Wear made the following purchases in June of the current year:
June 7Purchased $5,000 of merchandise, terms 5/15, n/60, FOB shipping point
June 15 Purchased $2,500 of merchandise, terms 3/10, n/30, FOB shipping point
June 25 Purchased $7,500 of merchandise, terms 2/10, n/30, FOB destination
Requirements
1. For each of the purchases listed, how many days does the company have to take advantage of the purchase discount?
2. What is the amount of the cash discount allowed in each case?
3. Assume the freight charges are 10% of the gross sales price. What is the amount of freight that Rondo’s must pay for each purchase?
4. What is the total cost of inventory for Rondo’s for the month of June, assuming that all discounts were taken?
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June 7 Purchased 5000 of merchandise terms 515 n60 FOB shipping point 1 ...View the full answer
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Related Book For 
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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