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A company purchased $20,000 of merchandise. Transportation costs were an additional $240. The company returned $320 of the merchandise and then paid the invoice within the 2.0% discount period. What is the total amount of cash paid?

Alphabet Company, which uses the periodic inventory method, buys different letters for resale. It buys A thru G in January at $4.0 per letter. In February, it buys H thru L at $6.0 per letter. It buys M thru R in March at $7.0 per letter. It sells A, D, E, H, J and N in April.

If the company uses the weighted average method, what is the cost of its ending inventory?
If the company uses the LIFO method, what is the cost of its ending inventory?
If the company uses the FIFO method, what is the cost of its ending inventory?

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Accounting Basics, Accounting

Category:- Accounting Basics
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