Q) Invoice price of goods is $7,500. Purchase terms are 2/10, n/30 and the invoice is paid in the week of receipt. The shipping terms are FOB shipping point, and the shipping costs amount to $350. What is the total cost of the inventory?

Q) Bailey's Textiles, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation: In February, Bailey's sold $460,000 of merchandise on account with terms 2/10, n/30. The cost of the merchandise sold was $220,000. Enter the transaction into the accounting equation. (Use parentheses or a minus sign when entering component decreases. Use only the necessary input lines and account type.)

Select the labels and enter the amounts to find the total cost of inventory. Total cost of inventory = Discount amount Inventory cost Purchase price Shipping cost Shareholders' Equity Assets +Contributed Capital Retained Earnings Liabilities Account Account Account Account Accounts pay. Accounts rec. Cash COGS Freight-out ex. Inventory Sales R and A Sales revenue