A company purchased inventory for $4,000 from a vendor on account, FOB shipping point, with terms of 4/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $200. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the cost of inventory would be . (Assume a perpetual inventory system.)

Cost of inventory is $3,748

Explanation:

inventory purchased $4,000

Less:

Return of damaged goods $200

Total purchase payable. $3,800

Less: 4% discount

($3,800 x4%). $152

Amount payable. $3,648

Add: freight. $100

Cost of inventory is $ 3,748

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know