On September 1, Hydra purchased $13,300 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $280. Payment for the purchase was made on September 18. Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase? a. $13,167     b. $13,447     c. $13,580     d. $13,300

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On September 1, Hydra purchased $13,300 of inventory items on credit with the terms 1/15, net 30,
FOB destination. Freight charges were $280. Payment for the purchase was made on September 18.
Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase
discounts, what amount is recorded as inventory from this purchase?
a. $13,167     b. $13,447     c. $13,580     d. $13,300

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