Walters Co. purchased raw materials with a catalog price of $70,000 on March 2, 2010. Credit terms
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Question:
Walters Co. purchased raw materials with a catalog price of $70,000 on March 2, 2010. Credit terms of 4/20, n/60 applied. Walters uses a perpetual inventory system and the net price method. If Walters pays for the purchase on March 18, 2010, what amount is recorded in the purchase discounts taken into account?
A.
$42,000
B.
$56,000
C.
$67,200
D.
$70,000
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