Analyze purchases of merchandise inventory. (LO 1)
International Sports Merchandising Inc. made the following purchases in August of the current year.
| August 5 | Purchased $12,2000 of athletics hoes terms l/I5, nlz,FOB destination |
| August 14 | Purchased $11 ,600o f training gear, terms2 /10, n/15, FOB shipping point |
| August 19 | Purchased $3,500 of tennis rackets and tennis balls, terms 3/05. n/10. FOB destination |
Required
a. For each purchase by what date is the payment due, assuming the company takes
advantage of the discount?
b. For each purchase, when is the payment due if the company does not take advantage of the discount?
c. In each case, what is the amount of the cash discount allowed?
d. Assume the freight charges are $170 on each purchase For which purchases is International Sports Merchandising responsible for the freight charges?
e. What is the total amount of inventory costs for the month of August, assuming that all discounts were taken?
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