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What was the net cost of inventory


Response to the following problem:

Suppose a Lord & Taylor store purchases $140,000 of women's sportswear on account from Liz Claiborne, Inc. Credit terms are 2/10 net 30. Lord & Taylor pays electronically, and Liz Claiborne receives the money on the tenth day.

Journalize Lord & Taylor's (a) purchase and (b) payment transactions. What was Lord & Taylor's net cost of this inventory?

 

 

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Financial Accounting: What was the net cost of inventory
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