Question

Jackson Company reported the following information relating to its inventory for 2020: sales revenue ............................. $427,000...

Jackson Company reported the following information relating to its
inventory for 2020:

    sales revenue .............................  $427,000
    freight-out ...............................    10,980
    purchase returns ..........................    16,590
    beginning inventory .......................    55,000
    purchases .................................   392,800
    gross profit ..............................    96,250
    freight-in ................................    11,730
    sales returns & allowances ................    15,000
    purchase discounts ........................      ?

Jackson Company reported an inventory turnover ratio of 4.21 for 2020.

Calculate the amount of purchase discounts reported by Jackson Company
during 2020.
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