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Xylen entity purchased inventory for cash. The details thereof were as follows:
Invoice price (no VAT is charged on these goods) ?850,000
Rebate offered to the entity by the supplier 10,000
Problem 1: Assuming that the terms of the agreement made it clear that the rebate was a reduction to the invoice price of the inventory. What is the total amount of inventoriable cost?
a. ?860,000
b. ?840,000
c. ?850,000
d. ?10,000
Problem 2: Assuming that the terms of the agreement made it clear that the rebate was a refund of the entity's expected selling costs. What is the total amount of inventoriable cost?
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