Question - Assume Andersons general store bought on credit, a truckload of merchandise from American wholesaling costing $24,500. If Anderson paid National Trucking $800 cash for transportation, immediately returned goods to American wholesaling costing $1200 and then paid American wholesaling within the 2/30, n/60 purchase discount period.
How much did this inventory cost Anderson? Assume Andersons uses a perpetual inventory system.