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A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company paid the shipper
A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company paid the shipper $1,500 cash for freight in. The company paid the vendor nine days after the sale. If there was no beginning inventory, the cost of inventory would be (Assume a perpetual inventory system) OA $75,500 OB. $72,500 OC. $73,280 OD. $70,280
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M. Datar, George Foster
12th edition
131495380, 978-0131495388
