Vaughn Manufacturing uses the perpetual inventory and the gross method. On March 1, it purchased $74000 of inventory, terms 2/10, n/30.bn March 3, Vaughn returned goods that cost $9000. On March 9, Vaughn paid the supplier. On March 9, Vaughn should credit O purchase discounts for $1300. O purchase discounts for $1480. O inventory for $1300. O inventory for $1480.

Vaughn Manufacturing uses the perpetual inventory and the gross method. On March 1, it purchased $74000 of inventory, terms 2/10, n/30.bn March 3, Vaughn returned goods that cost $9000. On March 9, Vaughn paid the supplier. On March 9, Vaughn should credit O purchase discounts for $1300. O purchase discounts for $1480. O inventory for $1300. O inventory for $1480.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.24MCE

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