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Homework Answers
Correct answer----------(c ) $245 increase in its inventory account.
Working
| Merchandise inventory debited on Nov 1 | (100 x 2.5) | $ 250.00 |
| Less: Discount availed [Inventory credited] | (250 x 2%) | $ (5.00) |
| Net Merchandise inventory recorded | $ 245.00 |
Purchase account or discount account will not be used since perpetual method of inventory recording is used. Inventory is debited when inventory is purchased and any discount is credited to inventory account to make inventory equal to its cost.
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