Henderson Merchandising Company purchased inventory with a list price of $12,000. The purchase was made under terms 3/10, net 30 FOB shipping point. Freight costs amounted to $350. Assuming Henderson paid cash for the inventory after the discount period, what is the total cost of the inventory?

Henderson Merchandising Company purchased inventory with a list price of $12,000. The purchase was made under terms 3/10, net 30 FOB shipping point. Freight costs amounted to $350. Assuming Henderson paid cash for the inventory after the discount period, what is the total cost of the inventory?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Question

What is the total cost of the inventory of this financial accounting question?

Henderson Merchandising Company purchased inventory with a list
price of $12,000. The purchase was made under terms 3/10, net 30
FOB shipping point. Freight costs amounted to $350.
Assuming Henderson paid cash for the inventory after the discount
period, what is the total cost of the inventory?

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