Mountain Peak Retailers purchased inventory that had a list price of $12,000. The purchase was made under terms 3/15, net 30, FOB shipping point. Freight costs amounted to $400. Assuming Mountain Peak paid cash for the inventory after the discount period, what was the cost of the inventory?

Mountain Peak Retailers purchased inventory that had a list price of $12,000. The purchase was made under terms 3/15, net 30, FOB shipping point. Freight costs amounted to $400. Assuming Mountain Peak paid cash for the inventory after the discount period, what was the cost of the inventory?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13Q: If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...

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Can you demonstrate the accurate method for solving this general accounting question?

Mountain Peak Retailers purchased inventory that had a list
price of $12,000. The purchase was made under terms
3/15, net 30, FOB shipping point. Freight costs amounted to
$400. Assuming Mountain Peak paid cash for the inventory
after the discount period, what was the cost of the
inventory?

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