Freight Terms Determine the amount to be paid in full settlement of each of two invoices,...

Freight Terms

Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.

	Merchandise	Freight Paid by Seller	Freight Terms		Returns and Allowances
a.	$36,000	$800		FOB destination, 1/10, n/30	$4,000
b.	44,900	375		FOB shipping point, 2/10, n/30	2,400

Solutions

Expert Solution

Calculate amount paid

	a	b
Merchandise cost	36000	44900
Less: Return and allowance	-4000	-2400
Net purchase	32000	42500
Less: Discount	-320	-850
Cost of purchase	31680	41650
Add: Freight paid		375
Amount paid	31680	42025

ekkarill92 answered 2 years ago

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