Millicent, a merchandiser of fancy tea party hats, has the following activity for the month: $850 of inventory purchases from supplier, terms are 4/15, n/30, FOB Shipping Point and freight costs are $40.A return of $125 of merchandise is made to supplier.Payment to supplier is made within the discount period. Given this information, what is the ending inventory balance for the Millicent? Group of answer choices$736$691$696$725

Name: Millicent, a merchandiser of fancy tea party hats, has the following a
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Description: Millicent, a merchandiser of fancy tea party hats, has the following activity for the month: $850 of inventory purchases from supplier, terms are 4/15, n/30, FOB Shipping Point and freight costs are $40.A return of $125 of merchandise is made to supp

Ending inventory is the amount of inventory that an entity has, at the end of the period. It is…

Answered: Millicent, a merchandiser of fancy tea…

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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Millicent, a merchandiser of fancy tea party hats, has the following activity for the month:

$850 of inventory purchases from supplier, terms are 4/15, n/30, FOB Shipping Point and freight costs are $40.
A return of $125 of merchandise is made to supplier.
Payment to supplier is made within the discount period.

Given this information, what is the ending inventory balance for the Millicent?

Group of answer choices

$736

$691

$696

$725

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