Solution-Determining amounts to be paid on invoices

Determining amounts to be paid on invoices

Reference no: EM131812540

Question - Determining Amounts to be Paid on Invoices

Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.

	Merchandise	Freight Paid by Seller		Returns and Allowances
a.	$21,000	-	FOB destination, n/30	$1,100
b.	12,400	$500	FOB shipping point, 1/10, n/30	1,500
c.	8,700	-	FOB shipping point, 2/10, n/30	800
d.	3,800	200	FOB shipping point, 2/10, n/30	500
e.	3,800	-	FOB destination, 1/10, n/30

Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column.

Reference no: EM131812540

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Determining amounts to be paid on invoices

Reference no: EM131812540

Reference no: EM131812540

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