26. Maggie’s Market recorded the following events involving a recent purchase of

ID: 2449247 • Letter: 2

Question

26. Maggie’s Market recorded the following events involving a recent purchase of merchandise:

Received goods for $50,000, terms 2/10, n/30.

Returned $1,500 of the shipment for credit.

Paid $400 freight on the shipment.

Paid the invoice within the discount period.

As a result of these events, the company’s inventory increased by

27. Costner’s Market recorded the following events involving a recent purchase of merchandise:

Received goods for $40,000, terms 2/10, n/30.

Returned $800 of the shipment for credit.

Paid $200 freight on the shipment.

Paid the invoice within the discount period.

As a result of these events, the company’s inventory

(26) Increase of inventory of Maggie’s

Purchase of Good=50000

Cost of good sold=

payment=49000

frieght=400

Total cost of good sold=49400

there for inventory increased by600.

(27) Increase of inventory of Costner's

Purchase of Good=40000

Cost of good sold=

paynent of invoice=39200

frieght=200

total cost of good sold=39400

there for inventory increased by600.

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