High Ridge Merchandising Company purchased inventory that had a list price of $10,000. The purchase was made under terms 2/10, net 30 FOB shipping point. Freight costs amounted to $300. Assuming High Ridge paid cash for the inventory after the discount period, the cost of the inventory was

High Ridge Merchandising Company purchased inventory that had a list price of $10,000. The purchase was made under terms 2/10, net 30 FOB shipping point. Freight costs amounted to $300. Assuming High Ridge paid cash for the inventory after the discount period, the cost of the inventory was

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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What was the cost of the inventory on this financial accounting question?