A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company paid the shipper $300 cash for freight in. The company then returned damaged goods worth $300
The invoice was then paid eight days after the purchase. Assuming that there was no beginning inventory balance, the cost of inventory would be ________. (Assume a perpetual inventory system.)
A) $2,619
B) $2,919
C) $2,700
D) $2,910
B .Cost of Purchase $3,000
Less: Purchase Returns 300
Less: Purchase Discount 81
Plus: Freight In 300
Net Cost of Inventory Purchased $2,919
Business
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