Homework Answers
Answer:
| Cost of inventory | $3,674 |
Calculations:
| Purchases [3,800+800] | $4,600 |
| (Less): Returns | ($850) |
| (Less): Discount [3,800 x 2%] | ($76) |
| Cost of inventory | $3,674 |
*Discount will not apply on June 22 payment because it exceeds discount period.
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