What amount is recorded as inventory from the purchase

Reference no: EM131975449

Problem

On September 1, Horton purchased inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $840. Payment for the purchase was made on September 18. Assuming uses perpetual inventory system and the net of accounting for purchase discounts, what amount is recorded as inventory from this purchase?

Reference no: EM131975449

Questions Cloud

Calculate the margin of safety in units : Fixed manufacturing cost totals $519,988 per year. Comer expects to sell 206,900 strings of light next year. Calculate the margin of safety in units

Compute the amount of deficiency : Serena Williams Corporation, having recently issued a $20,035,000 15-year bond issue is committed to make annual sinking fund. Compute the amount of deficiency.

Is firm currently operating within optimal capital structure : Is this firm currently operating within its optimal capital structure? Why is it not necessary for this firm to finance the expansion with its target capital.

How many years will it be before you can retire : You plan to retire as soon as you can accumulate $1 million. If you can earn 5 percent on your savings, how many years will it be before you can retire?

What amount is recorded as inventory from the purchase : Assuming uses perpetual inventory system and the net of accounting for purchase discounts, what amount is recorded as inventory from this purchase?

What is the unit variable cost : Conceptual Connection: What is the unit variable cost? What is the unit variable manufacturing cost? Round your answers to the nearest cent

What is the future value of a five year annuity : What is the future value of a five year annuity due that promises to pay you 650 each year Assume that all payments

How many shares will be repurchased : If the firm repurchases shares, how many shares will be repurchased, and what will your total wealth be? If the firm makes the special dividend payment.

Determine the direct materials purchases budget : Seranno Publishers Inc. budgeted production of 47,000 diaries in 2016. Determine the direct materials purchases budget for 2016.

User Account

All Pages