Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000,...

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Sunlands Market recorded the following events involving a recent purchase of inventory: Received goods for $121000, terms 2/

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Answer 1

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	Inventory balance increase (decrease)
Purchase	$121,000
Returned	($2,900)
Freight	$700
Discount availed [($121000 - 2900) x 2%]	($2,362)
Net Inventory balance	$116,438 Answer

--Correct Answer = Option #1: Inventory will be 'increased by $ 116438"

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Answer 2

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