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What is its cash payment and reduction of inventory

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Question - On October 16, Emmy Retailers bought 80 parkas on account at $75 each. Terms of the purchase were 2/10, n/30. It paid for 60 parkas on October 25 and paid for the remaining 20 parkas on November 15. If Emmy uses the gross method to account for its inventory purchases, what is its cash payment and reduction of inventory on October 25? What is the amount of accounts payable after the October 25 payment? Assume that the perpetual inventory system is used.

Reference no: EM133129320

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