P5-18. Analyze purchases of merchandise inventory. GO 1)
Deborah Hartranft’s Professional Costumers Inc. made the following purchases in November of the current year.
| November7 | Purchased$ 2,5000 merchandise terms 3/15, n/Z0,FOB shipping point |
| November 12 | Purchased $4,3000 merchandise terms l/05,nl25,FOB destination |
| November 16 | Purchased $6,2000 merchandise terms 2 /10, n/4},FOB shipping point |
Required
a. For each of the listed purchases, how many days does the company have to take advantage of the purchase discount?
b. What is the amount of the cash discount allowed in each case?
c. Assume the freight charges are $115 on each purchase. What is the amount of freight that Professional Costumers must pay for each purchase?
d. What is the total cost of inventory for Professional Costumers for the month of November, assuming that all discounts were taken?
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