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Norfolk Sporting Goods purchases merchandise with a catalog list price of
$12,615. The retailer recelves a
22% trade discount and credit terms of
2//10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar.
a.
$9,643
b.
$9,840
c.
$15,194
d.
$12,615

Norfolk Sporting Goods purchases merchandise with a catalog list price of $\$ 12,615$ . The retailer recelves a $22 \%$ trade discount and credit terms of $2 / 10$ , n/ $30$ . What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. $\newline$ a. $\$ 9,643$ $\newline$ b. $\$ 9,840$ $\newline$ c. $\$ 15,194$ $\newline$ d. $\$ 12,615$

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Volume of cubes and rectangular prisms: word problems

Full solution

Q. Norfolk Sporting Goods purchases merchandise with a catalog list price of

\$ 12,615

. The retailer recelves a

22 \%

trade discount and credit terms of

2 / 10

, n/

30

. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar.

\newline

a.

\$ 9,643

\newline

b.

\$ 9,840

\newline

c.

\$ 15,194

\newline

d.

\$ 12,615

Calculate Trade Discount Amount: Calculate the trade discount amount by multiplying the list price by the trade discount percentage. $\newline$ $\$12,615 \times 22\% = \$2,775.30$
Find Net Price: Subtract the trade discount amount from the list price to find the net price. $\newline$ $\$12,615 - \$2,775.30 = \$9,839.70$
Round Net Price: Round the net price to the nearest whole dollar. $\$9,839.70$ rounded to the nearest whole dollar is $\$9,840$ .
Debit Inventory Account: Norfolk should debit $\$9,840$ to the Inventory account.

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