Homework Answers
Purchase price = $4,200
Purchase return = $290
Final amount due = Purchase price - Purchase return
= 4,200-290
= $3,910
Cash discount = 3%
= 3,910 x 3%
= $117.30
Net cash paid = Final amount due - Cash discount
= 3,910-117.30
= $3,792.70
Transportation cost = $370
Total cost of merchandise = Net cash paid + Transportation cost
= 3,792.70+370
= $4,162.70
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