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Required information [ The following information applies to the questions displayed below. ] Autumn Company began the month of October with inventory of $ 3

Required information
[The following information applies to the questions displayed below.]
Autumn Company began the month of October with inventory of $31,000. The following inventory transactions occurred during the month:
a. The company purchased inventory on account for $46,000 on October 12. Terms of the purchase were 210,n30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $660 were paid in cash.
b. On October 31, Autumn paid for the inventory purchased on October 12.
c. During October inventory costing $20,400 was sold on account for $31,200.
d. It was determined that inventory on hand at the end of October cost $56,340.
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