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ellurSecure https://www.mathxl.com/Student/PlayerHomeworkaspxhomeworkld-449101 Do Homework- Rebecca Fl ynn- Google Chrom Principles of Accounting I: 850 Section b Homework: Mid-Term Il Practice Questions (Ch5, Ch6, Ch8, Che Score: 0 of 1 pt 3 of 32 (3 complete) ×15.2-52a HW Score: 625%, 2 of 32 pl A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms of 2/10 freight in. The company paid the vendor nine days after the invoice perpetual inventory system.) Question Hep * date. If there was no beginning inventory, the cost of inventory would be , n/30. The A. $70 820 O B. $74.220 O C. $75,700 OD, $72.300 Click to select your answer and then click Check Answer All parts showing

Explanation / Answer

B. $74,220

Cost of Purchases $74,000 Less: Discount ($74,000 × 2%) $1,480 Net Purchases $72,520 Add: Freight-in $1,700 Cost of Inventory $74,220

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