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TEST 2 (30%): USING THE TABLE BELOW, CALCULATE THE AMOUNT NEEDED TO SETTLE EACH PURCHASE. SGB Corporation engaged in the following purchase transactions during the

TEST 2 (30%): USING THE TABLE BELOW, CALCULATE THE AMOUNT NEEDED TO SETTLE EACH PURCHASE. SGB Corporation engaged in the following purchase transactions during the Month of May 2021. The company observes the policy that all returns are made one day after the goods are received, and that all purchases are paid within the discount period.

List Price

FOB TERMS

Freight Charges

Purchase Returns and Allowances

Credit Terms

Trade Discount

A

P455,000

Shipping

P10,000

P45,000

3/10 n/30

30%

B

575,000

Destination

12,000

24,000

2/10, n/30

20%

C

780,000

Destination

15,000

14,000

3/10, n/30

20%

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