Subject:AccountingPrice:3.87 Bought7
1. | $7,000 of merchandise inventory was ordered on September 2, 2009 |
2. | $3,000 of this merchandise was received on September 5, 2009 |
3. | On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. |
4. | On September 10, 2009, $800 of the merchandise was returned to the seller. |
Based on the above information, what would be recorded as net purchases amount after all of the transactions have been recorded?
Group of answer choices
$2,200
$2,134
$2,450
$2,384
Answer : Option D, $2,384
Explanation :
Calculation of net purchases = purchases - purchase Discount - purchase returns
= $3,250 - ($3,250 - $250 - $800) ×3% - $800
= $3,250 - $66 - $800
= $2,384