When will the cost of merchandise sold be recorded

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Question: Shadow Band, Inc. purchased merchandise from Drum Music Company on June 5, 2012. The goods were shipped the same day. The merchandise's selling price was $15,000. The credit terms were 1/10, n/30. The shipping terms were FOB shipping point. Shadow received the merchandise on June 10, 2012. Shadow paid the amount due on June 13, 2012. Shadow uses a perpetual inventory system. When will the cost of merchandise sold be recorded as an expense?

Reference no: EM133379673

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