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Assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. If Anderson’s paid National Trucking $650 cash for transportation, immediately returned goods to American Wholesaling costing $1,200, and then paid American Wholesaling within the 2/30, n/60 purchase discount period. How much did this inventory cost Anderson’s? Assume Anderson’s uses a perpetual inventory system.

Respuesta :

Answer:

$22,014

Explanation:

The computation of the cost of inventory is shown below:

= Purchase Cost of merchandise + transportation cost - returned goods - discount

=  $23,000 + $650 - $1,200 - $436

= $22,014

The discount is computed below:

= (Purchase Cost of merchandise - returned goods) × discount rate

= ($23,000 - $1,200) × 2%

= $436

We simply added the transportation cost and deducted the returned goods and discount to the purchase cost of merchandise

abiolataiwo2015

Assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. How much did this inventory cost Anderson’s is $22,014

First step is to calculate the total amount payable

Purchase $23,000

Add Transportation cost $650

Less Return ($1,200)

Total amount payable $22,450

Second step is to calculate the discount

Discount=($22,450-$650)×2%

Discount=$21,800×2%

Discount=$436

Third step is to calculate the inventory cost using this formula

Inventory cost=Total amount payable- Discount

Let plug in the formula

Inventory cost=$22,450-$436

Inventory cost=$22,014

Inconclusion assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. How much did this inventory cost Anderson’s is $22,014

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