On September 1, Hydra purchased $13,300 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $280. Payment for the purchase was made on September 18. Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase? a. $13,167 b. $13,447 c. $13,580 d. $13,300
On September 1, Hydra purchased $13,300 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $280. Payment for the purchase was made on September 18. Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase? a. $13,167 b. $13,447 c. $13,580 d. $13,300
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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On September 1, Hydra purchased $13,300 of inventory items on credit with the terms 1/15, net 30,
FOB destination. Freight charges were $280. Payment for the purchase was made on September 18.
Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase
discounts, what amount is recorded as inventory from this purchase?
a. $13,167 b. $13,447 c. $13,580 d. $13,300
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