Metlock's Market recorded the following events involving a recent purchase of inventory: Received goods for $78200, terms 2/9, n/30. Returned $1700 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $74970. O increased by $75670. O increased by $77200. O increased by $75656.
Metlock's Market recorded the following events involving a recent purchase of inventory: Received goods for $78200, terms 2/9, n/30. Returned $1700 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $74970. O increased by $75670. O increased by $77200. O increased by $75656.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...
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Question
![Metlock's Market recorded the following events involving a recent purchase of inventory:
Received goods for $78200, terms 2/9, n/30.
Returned $1700 of the shipment for credit.
Paid $700 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's inventory
increased by $74970.
increased by $75670.
increased by $77200.
O increased by $75656.
O O](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe67b0e99-e599-43f3-8d36-ab3559279354%2Fbbec8c56-ab2b-468a-8406-033a0ce021b1%2Faxyt3n_processed.png&w=3840&q=75)
Transcribed Image Text:Metlock's Market recorded the following events involving a recent purchase of inventory:
Received goods for $78200, terms 2/9, n/30.
Returned $1700 of the shipment for credit.
Paid $700 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's inventory
increased by $74970.
increased by $75670.
increased by $77200.
O increased by $75656.
O O
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