Sana's Sarees purchased merchandise on account from her supplier on July 11. The invoice price of the purchase was $7,000. The supplier offers credit terms of 2/10, n/30. The goods were shipped F.O.B shipping point at a cost of $130. On July 15, Sana returned some of the merchandise, which cost $400, because it was damaged. Sana paid the invoice on July 24. By how much did Inventory increase on July 11?

Answer rating: 100% (QA)

To calculate the increase in inventory on July 11 we need to consider the invoice price of the pu... View the full answer