Determining the cost of the merchandise

Reference no: EM131024847

Sombrero Co., a furniture wholesaler, sells merchandise to Belarus Co. on account, $64,300, terms 2/10, n/30. The cost of the merchandise sold is $38,000. Sombrero Co. issues a credit memo for $13,300 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $8,000.

Reference no: EM131024847

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Determining the cost of the merchandise : Sombrero Co. issues a credit memo for $13,300 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $8,000.

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