Question
SOS On October 1, ABC purchases 100 units of inventory from XYZ for $100 per unit. These units had a cost of $60/unit for XYZ.
SOS
On October 1, ABC purchases 100 units of inventory from XYZ for $100 per unit. These units had a cost of $60/unit for XYZ. The terms of the sale are 2/15 n/45. On October 5, ABC returns 10 units to XYZ (there are no defects with the returned units). ABC pays for the inventory on October 9. On October 22, ABC sells 10 units of the inventory purchased on October 1 for $200 per unit on credit.
What is the value of ABC's inventory AFTER the events on October 9?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
