JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 O D. $2,396

JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 O D. $2,396

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Please show the complete solution. Thank you so much. 1. LEVIATAN Company is using perpetual inventory system and net method. On May 1, the company purchased P200,000 worth of inventory on account with terms of 2/10, n/30; FOB shipping point, freight prepaid of P10,000. On May 5, the company returned P60,000 defective units. On May 11, the company paid in full the amount due. There were no other transactions during the month. Question: What is the amount paid on May 11 and the amount of general ledger balance of "Merchandise Inventory" as of May 30, respectively.
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