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Light Company. a computer store in Greenhills, specializes in the sale of IBM compatibles and software packages and had the following transactions with one of
Light Company. a computer store in Greenhills, specializes in the sale of IBM compatibles and software packages and had the following transactions with one of its suppliers.
Purchases of IBM compatibles 656,000
Purchases of commercial software packages 180,000
Purchase returns and allowances 16,000
Purchase discount lost 5,400
Purchases were made throughout the year on terms 3/10, n/30. All returns and allowances took place within five days of purchase and prior to any payment of account.
How much were the discounts lost?
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