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Bell’s Furniture Store purchased the following items. What is the total amount due?                  Quantity          

Bell’s Furniture Store purchased the following items. What is the total amount due?

                 Quantity                     Description         Unit List Price

                    3                         Living Room Sets        $3,000.00

                    4                         Dining Room Sets       $2,500.00

                    6                         Bedroom Sets              $1,800.00

     Trade Discount:     20/10/5

     Invoice Dated:        May 3

     Goods Received:    May 10

     Terms:                      2/10, N/30, ROG

     Freight Charges:     $325.00

     Date Invoice Paid:   May 19

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Answer #1

Discount of 20/10/5 refers to discount split in which seller provides a 20 percent discount as a promotion, a 10 percent discount if the client buys at a certain volume, and a five percent discount if payment is made within 30 days. Therefore (b) (c)-(a)x(b) Unit List Price $3,000 $2,500$10 $1,800 Totals (d)-(c)20% (e)-(c)-(d) Price less (f)s(e)x10% Volume (g)s(e)-(f) Due after (h)-(g)x5% Cash (g)-(h) Invoice Value $9,000 10,000 $2,000 $8,000 $10,800 $29,800 Due after discount Trade Disc. Discount Vol. Disc. Discount Cash. Disc. $6,480 $324.00 $6,156.00 $360.00 $6,840.00 $7,776$388.80 $7,387.20 Trade Quantity Description $7,200 $720 $800 $864 $1,800 Living Room Sets Dining Room Sets Bedroom Sets 4 $7,200 $2,160 $5,960$23,840 $2,384$21,456 $1,072.80 $20,383.20 $8,640 Therefore, Amount due after availing discounts of trade, volume and cash Add: Freight charges Total amount due $20,383.20 $325.00 $20,708.20 NOTE Though goods were received on May 10 only, Invoice is dated May 3 and so discount periods shall be calculated from May 3. Terms: 2/10, N/30, ROG refers to 2% discount if the invoice is paid within/by 10 days. As the invoice is settled on May 19, # of days between May 3 and 19 exceeds 10 days. So firm is not eligible for this 2% discount. Any discounts shall not be applied on freight charges.

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