Question: Paramount Inc. purchased inventory for $ 5 , 3 0 0 and paid a $ 2 6 0 freight bill ( FOB Shipping point )

Paramount Inc. purchased inventory for $5,300 and paid a $260 freight bill (FOB Shipping point). It was given terms 1/15, net 45. They returned 30% of the goods to the seller, receiving a credit memo. They paid within the discount period. What is Paramounts final cost of the inventory? (Round to the nearest dollar, if necessary)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

D: B Ray Polo owns a variety store called Stars Forever. The following are purchases o discounts for the month of March. 4. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture Invoice on...

Q:

May I please get help with 3,4,5 thank you. This is for finance. With adjusting entries Multiple Choice (10 points) 1. An increase in an expense a. increases revenues. b. increases assets. c....

Q:

5 [10 points] The following transactions occured during 2014 for Southgate Inc. which uses a perpetual inventory system: (a) June 1: Southgate Inc. sold merchandise to ABC Inc. that cost $2,160 for...

Q:

A. You have recently been employed as the assistant financial executive in a merchandising company, BlackGold Sdn. Bhd. The company specialised in importing toys from China for resale in the...

Q:

Prepare the necessary general journal entries for the month of October for Bosco Company for each situation given below. Bosco uses a perpetual inventory system. Oct. 5 Paid cash of $12,000 for...

Q:

repare the necessary general journal entries for the month of October for Sophia Company for each situation given below. Sophia uses a perpetual inventory system. Oct. 5 Paid cash of $12,000 for...

Q:

Chapter 7 Problem 9 15 Returned merchandise purchased (17 Paid supplier the amount due. Paid freight charges of P7,000 on merchandise acquired last Oct. 6 19 2. Required: Prepare the journal entries....

Q:

Systems Understanding Aid 10th Edition I am working on Transactions List A (the blue sheet) . can any one help me out to solve the transaction list A with the journals? Document No. 1 Transactions...

Q:

SUA Project Assignment 1: Sales and Cash Receipts Transactions List December 1631, 2022 Complete each of the following transactions in accordance with the seven-step process on pages 1112 of the...

Q:

please answer number 3 1. Study the Sales, Sales Returns, and Cash Receipts flowcharts. 2. Complete the seven-step process for recording a transaction for all sales and cash receipts transactions on...

Q:

Jue and Sam each want to be sure that if one of them dies young, the other would have enough life insurance to pay off their mortgage of $334,000 and provide an annual income for the other of $34,000...

Q:

Suppose the PDF for the number of times a student takes MG0201 before passing is as given below. X the number of times a student takes MCQ201 before passing 1 2 3 4 5 P(X) 0.8 0.15 0.02 0.02 0.01 Z...

Q:

The only way that you can have long - term financial security is to not save all of your current income. Group startsTrue or False

Q:

Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clic Remaining Time: 49 minutes, 53 seconds. Question Completion Status: QUESTION 1 Divide a...