Fortuna company purchased merchandise for resale from lemar

Reference no: EM13603379

Fortuna Company purchased merchandise for resale from Lemar Company with an invoice price of $29,100 and credit terms of 2/10, n/60. The merchandise had cost Lemar $19,846. Fortuna paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 8% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy.

Reference no: EM13603379

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