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purchased inventory for $4,900 and also paid a $430 freight bill. JC Manufacturing returned 30​% of the goods to the seller and later took a 1​% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing​'s final cost of the inventory that it​ kept? (Round your answer to the nearest whole​ number.)

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abiolataiwo2015

Answer:

Final cost of Inventory $3,845.30

Explanation:

Calculation for the JC Manufacturing​'s final cost of the inventory that it​ kept

JC Manufacturing​'s final cost of inventory

Purchase Cost of inventory $4,900

Less Purchase returns and allowance ($1,470)

(30%*$4,900)

Less Purchase return ($14.70)

(1%*$1,470)

Add freight in $430

Final cost of Inventory $3,845.30

Therefore the Final cost of Inventory will be $3,845.30

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