Acompany purchases merchandise with a catalog price of $20,000. the company receives a 35% trade discount from the seller. the seller also offers credit terms of 2/10, n/30. assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?

$12,740

Explanation:

Given:

Catalog price of the merchandise = $20,000

Trade discount received = 35%

Credit terms offer = 2/10, n/30

Now,

The amount of trade discount offered = 35% of $20,000

= 0.35 × $20,000

= $7,000

Therefore,

the Purchase cost of the product = $20,000 - $7,000

= $13,000

The amount of credit discount offered = 2% of $13,000

= 0.02 × $13,000

= $260

Hence,

The net cost of the merchandise = $13,000 - $260 = $12,740

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