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10 June, 23:29

Glenn Company purchased merchandise inventory with an invoice price of $7,000 and credit terms of 3/10, n/30. What is the net cost of the goods if Glenn Company pays within the discount period? A. $7,000 B. $6,440 C. $6,860 D. $6,790

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  1. 11 June, 01:00
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    d. $6,790

    Explanation:

    Data provided as per the question

    Purchase price = $7,000

    Discount = 3% on selling price

    The computation of net cost of the goods is given below:-

    Net cost of the goods = Purchase price - Discount

    = $7,000 - ($7,000 * 3%)

    = $7,000 - 210

    = $6,790

    Therefore for computing the net cost of the goods we simply deduct the discount from the purchase price.
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Home » Business » Glenn Company purchased merchandise inventory with an invoice price of $7,000 and credit terms of 3/10, n/30. What is the net cost of the goods if Glenn Company pays within the discount period? A. $7,000 B. $6,440 C. $6,860 D. $6,790
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