4. A retailer in Atlanta ordered a shipment of shoes totaling $15,800 from a ven

Question

4. A retailer in Atlanta ordered a shipment of shoes totaling $15,800 from a vendor in California. The shipping cost was $220. The shoes were shipped FoB Atlanta; charges reversed. The shoe vendor gave the retailer a 1% damage allowance. How much did the retailer pay the vendor for the shoes? On April 2, merchandise costing $15,400 reaches the retailer located in New Orleans, Louisiana. The invoice is dated March 22 and ahs terms of 8/10 EOM. The invoice Is paid on April 10. a. How much should be remitted? b. If the merchandise shipped is FoB New orleans, Louisiana, charges reversed, with transportation charges of $300, how much should be remitted?

Explanation / Answer

4) Cost of shoes 15800 Cost of shipping 0 (since reversed) Damage allowance 1% 158 Amt paid by retailer 15642 5) Cost of invoice 15400 Payment 15400 (since paid within one month) b) Cost of invoice 15400 Trans charges 0 (since revd) Amt to be paid 15400

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