Majestic Manufacturing sold Jordans Furniture a living room set for an $8,610 list price with 20% trade discount. The $155 freight (FOB shipping point) was not part of the list price. Terms were 1/10, n/30 ROG. The invoice date was June 10. Jordans received the goods on July 29 and paid the invoice on July 31. What was the final price (include cost of freight) of the living room set? (Round your answer to the nearest cent.) Final price

Majestic Manufacturing sold Jordans Furniture a living room set for an $8,610 list price with 20% trade discount. The $155 freight (FOB shipping point) was not part of the list price. Terms were 1/10, n/30 ROG. The invoice date was June 10. Jordans received the goods on July 29 and paid the invoice on July 31. What was the final price (include cost of freight) of the living room set? (Round your answer to the nearest cent.) Final price

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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8. On 12/30/20, Redding Corporation sold merchandise for $75,000 to Norbert Company. The terms of the sale were net 30, FOB shipping point. The merchandise was shipped on 12/31/20, and arrived at Norbert on 1/5/21. Because of a clerical error, Redding did not record the sale until 1/7/21, and the merchandise (before Redding's 25% markup on cost) was included in Redding's inventory at 12/31/20. As a result, Redding's net income for the year ended 12/31/20 was: a. Overstated by $75,000. b. Understated by $60,000. c. Understated by $15,000. d. Correctly stated; not impacted by inventory.
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