On May 16, Lamar Motors bought 140 starters at $ 120 each. Terms of the purchase were 5 /10, n/30. It paid for 75 starters on May 25 and paid for the remaining 65 starters on June 15. If Lamar uses the net method to account for its inventory purchases, what is its cash payment and reduction of inventory on May 25? What is the amount of accounts payable after the May 25 payment? Assume the perpetual inventory system is used

Since Lamar uses the net method to account for its inventory purchases, Lamar's cash payment is $				on
May 25. The reduction of inventory is $		on May 25.

The accounts payable balance after the May 25 payment is $

.