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Majestic Manufacturing sold Jordans Furniture a living room set for an $8,520 list price with 25%...

Majestic Manufacturing sold Jordans Furniture a living room set for an $8,520 list price with 25% trade discount. The $110 freight (FOB shipping point) was not part of the list price. Terms were 2/10, n/30 ROG. The invoice date was June 01. Jordans received the goods on July 20 and paid the invoice on July 22. What was the final price (include cost of freight) of the living room set? (Round your answer to the nearest cent.)

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Answer #1

Sol:

List price of living room set                   =   $ 8520

Less: Trade discount 25% of list price     = $ (2130)

Price without Frieght                            = $ 6390

Add: Freight                                       =      $ 110

Final price of living room set (including Frieght) = $ 6500

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