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a) Maggies Market recorded the following events involving a recent purchase of merchandise: Received goods for $20,000, terms 2/10, n/30. Returned $1,500 of the shipment
a) Maggies Market recorded the following events involving a recent purchase of merchandise:
Received goods for $20,000, terms 2/10, n/30. | |
Returned $1,500 of the shipment for credit. | |
Paid $200 freight on the shipment. | |
Paid the invoice within the discount period. |
As a result of these events, the companys inventory increased by:
b) Howard Company purchased merchandise inventory with an invoice price of $73,000 and credit terms of 1/10, n/30. What is the net cost of the goods if Howard Company pays within the discount period?
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