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Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $60,000 on January 2, 2007. Credit terms of 5/15, n/60 applied. Jorgensen uses
Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $60,000 on January 2, 2007. Credit terms of 5/15, n/60 applied. Jorgensen uses a perpetual inventory system and the net price method. If Jorgensen pays for the purchase on March 15, 2007, what amount is recorded for inventory on January 2, 2007?
| a. | $60,000 |
| b. | $51,000 |
| c. | $57,000 |
| d. | $36,000
|
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