Costs of $14,500 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $1,150. Additional necessary costs of $2,300 were incurred to acquire the goods. No other incentives or discounts were available. Compute the buyer's total cost of merchandise inventory. Multiple Choice O O O $14,500 $17,950 $16,800 $15,650

Costs of $14,500 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $1,150. Additional necessary costs of $2,300 were incurred to acquire the goods. No other incentives or discounts were available. Compute the buyer's total cost of merchandise inventory. Multiple Choice O O O $14,500 $17,950 $16,800 $15,650

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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r 个 O any purchased inventory for $2,500 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $500. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the cost of inventory would be (Assume a perpetual inventory system.) OA. $1,960 B. $2,060 OC. $2.400 S
Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424
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es ! Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Sales (gross) Sales discounts Sales returns and allowances Net sales Cost…