Question: 338 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballado NAME: SCORE: SECTION: PROFESSOR: Problem #5 Renz Aguhob Fireworks engaged in the

338 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballado NAME: SCORE: SECTION: PROFESSOR: Problem #5 Renz Aguhob Fireworks engaged in the following purchase transactions during the month. The entity observes the policy that all returns are made one day after the good are received, and that all purchases are paid within the discount period. Discount List Price FOB Terms Freight Purchase Credit Terms Trade Charges Returns and Discount Allowances P 224,000 Shipping Pt. P 4,000 P 21,000 2/10, n/30 30% 126,000 Destination 9,000 1/10, n/30 20% 90,000 Shipping Pt. 2,000 7,000 2/10, n/30 41,000 Shipping Pt. 1,000 9,000 n/30 25% 357,000 Destination 14,000 24,000 3/10, n/30 20% Required: Using the table above, calculate the amount needed to settle each purchase

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