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Which is true with regard to the inventory purchase

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Reference no: EM132796834

Problem 1: Weider, Inc. purchased and received 40 baseball gloves into inventory on March 3rd. The terms of the purchase are 2/10 Net 30. Each glove cost $25 and the total cost of shipping the gloves to Weider was $0.50 per glove (discount does not apply to shipping). Which of the following is true with regard to this inventory purchase if paid for on March 30th?

Option 1) Inventory increases by $1,200

Option 2) Expenses increase by $1,020

Option 3) Liabilities increase by $500

Option 4) The cost of each glove is $25.50

Reference no: EM132796834

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