Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Levi Strauss, a manufacturer in Los Angeles, CA is shipping tee shirts to Macys in Miami, FL; FOB Los Angeles. The buyer ordered 600 tee

Levi Strauss, a manufacturer in Los Angeles, CA is shipping tee shirts to Macys in Miami, FL; FOB Los Angeles. The buyer ordered 600 tee shirts that had a line price (cost) of $14.50; but because Macys is such a large retailer with 900 stores, they were able to get a 22% quantity discount and a 6% seasonal discount from Levis. Levis also offered Macys this cash discount 3/20 ROG, net 30.

Levis invoiced on April 3 and the shipping cost was $97.50. Macys received the goods on April 11. Macys paid the bill on April 28.

What is the discount date?

Be sure to write your answer as 00/00 - 2 digits for the month, then a slash and then two digits for the date.

How much should Macys remit?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions