Skysong’s Market recorded the following events involving a recent purchase of inventory: Received goods for $113000,...
Skysong’s Market recorded the following events involving a recent purchase of inventory: Received goods for $113000, terms 2/10, n/30. Returned $2800 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory
increased by $108388.
increased by $107996.
increased by $110600.
increased by $108396.
Homework Answers
Assume Skysong's Market used the perpetual method:-
Received goods = $113000
Less: Credit = $2800
Total = $110200
Less Discount = ($110200 * 2%) = $2204
Net = $110200 - $2204 = $107996
Add Freight = $400
Inventory Increased by = ($107996 + $400) = $108396
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