What is the total, final cost of the goods to buyer, Accounting Basics

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What is the total, final cost of the goods to buyer

On September 4, Seller Company sold goods to Buyer Company for $3,600 with terms of 3/10, net 30, FOB shipping point. The cost of the goods to Seller Company was $1,400. The freight of $100 was paid on September 6. On September 7, Buyer returned some goods that were the wrong color for a full credit of the price it had paid on September 4 of $400 (ignore freight costs). On September 12, Buyer sends Seller a check in full payment of the account. Both companies use perpetual inventory system.

How much will Seller credit inventory for on September 4?
How much will Seller debit inventory for on September 7 for the return?
What is the total, final cost of the goods to Buyer?

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Accounting Basics: What is the total, final cost of the goods to buyer

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Accounting Basics: What is the total, final cost of the goods to buyer

Reference No:- TGS0706460

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Recent Questions Asked Accounting Basics

Q : How do we judge a companys collection effectiveness

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the total, final cost of the goods to buyer

Reference No:- TGS0706460

Recent Questions Asked Accounting Basics

Q : How do we judge a companys collection effectiveness

Q : How would you make sure a payment

Q : Discuss the highest inventory balance

Q : What elements might organizational leaders consider

Q : What is the total, final cost of the goods to buyer

Q : How the direct materials cost per equivalent unit

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