69. Jakes Market recorded the following events involving a recent purchase of me

Question

69. Jakes Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,000 of the shipment for credit. Paid $250 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the companys inventory increased by a. $48,020. b. $48,265. c. $48,270. d. $49,250. Ans: C, SO: 2, Bloom: AP, Difficulty: Medium, Min: 2, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA

Explanation / Answer

Correct Option - c. $48,270.

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