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Calculate the net cost of inventory purchased

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Reference no: EM133127154

Question - Precision Musical Instruments, merchandisers of musical instruments, has provided the following details:

Mar. 5 Inventory purchased on account $700,000

Mar. 8 Freight in 35,000

Mar. 13 Purchase returns 65,000

Mar. 14 Allowances by vendor 12,000

Mar. 20 Payment made to vendor for purchases on March 5 ?

Credit terms are: 4/20, n/45, FOB shipping point. Calculate the net cost of inventory purchased assuming that there are no other inventory-related transactions during the month. Assume that the perpetual inventory system is used.

Reference no: EM133127154

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