What amount of merchandise reported as part of inventory, Financial Management

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What amount of merchandise reported as part of inventory

Problem

The company regularly buys sweaters from AA company and is allowed trade discounts of 18% and 9% from the list price. The company made a purchase during the year and received an invoice with a list price of P550,000, a freight charge of P15,000 and payment terms of 2/10, n/30.

Task

What amount of merchandise should be reported as part of the inventory?

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