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Compute the amount of the discount taken by shoe

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Reference no: EM131716003

Question - On February 1, Meyer Company sold goods to Shoe Company for $18,000 on account, terms FOB shipping point, 3/10, n/30.  On February 2, Meyer paid $375 of transportation costs. On February 5, Shoe returned $2,000 of goods. On February, 7, Shoe paid what it owed to Meyer.

Compute the following:

The amount of the discount taken by Shoe Co._________________

The total paid by Shoe to Meyer Co. _________________

Shoe Co.'s total cost of inventory _____________________

Reference no: EM131716003

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