Homework Answers
Discount term:
3/15,n/45 it means that 3% discount will be allowed on purchase goods value if payment is made within 15 days of invoicing. Other wise no discount will be allowed and payment should be made within 45 days.
- As the term is FOB, buyer is responsible for the freight.
- The value of sale here is $2,250
- Although it is responsibility of buyer to pay freight, here the freight has been paid by seller and need to recover $70 from buyer.
- The discount for early payment with terms of discount is based only on the value of goods and does not include recoverable freight expense. Discount will be $2,250*3% = $67.5
Thus, Answer is A)
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