Merchandise with an invoice price of $2,600 is purchased subject to terms of 2/10, n/30, FOB shipping point. The seller prepaid $52 for the cost of transportation. What is the amount that the purchaser records as the cost of the mrechandise at the time of purchase?
If you could lay this out step by step that would be appreciated. I am having trouble grasping the concept! Thank you.
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