1-Rocky Mountain Chocolate Factory (RMCF) founder and president Frank Crail empl
ID: 3304516 • Letter: 1
Question
1-Rocky Mountain Chocolate Factory (RMCF) founder and president Frank Crail employs 220 people in 361 outlets in the United States, Canada, United Arab Emirates, Japan, South Korea and Saudi Arabia. If RMCF purchases 30.0 kilograms of premium dark chocolate at $18.30 per kilo, what is the net price with a 10/5 chain discount? (Do not round intermediate calculations. Round your answer to the nearest cent.)
2- Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,600 list price. Bally dated the invoice July 27 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 09. On August 1, Intel Corporation returns $500 of the machinery due to defects. What does Intel pay Bally on August 09?
Payable amount $
Explanation / Answer
Dear student please post the question one at a time
2) 27 July invoice to Intel in the amount of $13,600
1 August Intel returns $500 of product - amount due Bally = $13,100
9 August, Intel pays the amount due BUT the payment was made beyond the 5/10 EOM term, so only the 40% trade discount will apply - amount paid = $13100 - (13100 x 0.4) = $7,860
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