The answer is $23520.
Given,
company purchases merchandise = $24,000.
The seller also offers credit terms of 2/10, n/30.
Assumptions,
no returns were made.
the payment was made within the discount period
Discount term 2/10, n/30 means that the buyer will receive a discount of 2% if the invoice is paid within 10 days. Otherwise, he will have to pay the full amount within 30 days.
Merchandise inventory = Merchandise purchased - discount received
= $24000 - 2%
= $23520
Hence, the net cost of the merchandise is $23,520.
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