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A company purchased inventory for $2,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $200. The invoice has been paid 8 days after the sale. Assuming that there was no beginning inventory balance, the cost of inventory would be: (Assume a perpetual inventory system)

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Answer:

$1,864

Explanation:

Calculation for Assuming that there was no beginning inventory balance, the cost of inventory would be:

Cost of Purchase$2,000

Less Purchase Returns($200)

Less Purchase Discount ($36)

[(2%*$2,000)-(2%*$200)]

($40-$4=$36)

Add Freight In $100

Net Cost of Inventory Purchased $1,864

($2,000-$200-$36+$100)

Therefore Assuming that there was no beginning inventory balance, the cost of inventory would be: $1,864

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