Ask Question
20 February, 20:57

purchased inventory for $ 5 comma 500 and also paid a $ 290 freight bill. JC Manufacturing returned 30 % of the goods to the seller and later took a 3 % purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing 's final cost of the inventory that it kept? (Round your answer to the nearest whole number.)

+2
Answers (1)
  1. 20 February, 21:56
    0
    JC Manufacturing 's final cost of the inventory is $3,975

    Explanation:

    The computation of the final cost is shown below:

    = Cost of inventory purchased - purchase returns and allowances - purchase discounts + freight in charges

    where,

    Cost of inventory purchased = $5,500

    Purchase return and allowances = $5,500 * 30% = $1,650

    Purchase discount = $5,500 * 3% = $165

    And, the freight in charges is $290

    Now put these values to the above formula

    So, the value would equal to

    = $5,500 - $1,650 - $165 + $290

    = $3,975
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “purchased inventory for $ 5 comma 500 and also paid a $ 290 freight bill. JC Manufacturing returned 30 % of the goods to the seller and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers