Freight Terms. Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. $ b. $ Merchandise (Invoice Amount) $8,900 4,050 7,827 X 3,087 X Feedback Freight Paid by Seller $600 600 Freight Terms FOB destination, 1/10, n/30 FOB shipping point, 2/10, n/30 Returns and Allowances (Invoice Amount) $1,600 900 ✓ Check My Work a & b. Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return - Discount) + applicable freight.

Freight Terms. Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. $ b. $ Merchandise (Invoice Amount) $8,900 4,050 7,827 X 3,087 X Feedback Freight Paid by Seller $600 600 Freight Terms FOB destination, 1/10, n/30 FOB shipping point, 2/10, n/30 Returns and Allowances (Invoice Amount) $1,600 900 ✓ Check My Work a & b. Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return - Discount) + applicable freight.

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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