Question

Mayberry Farms purchased supplies at a net cost of $2,865.22 after a series discount of 15/12/14....

Mayberry Farms purchased supplies at a net cost of $2,865.22 after a series discount of 15/12/14. Find the list price.

Find the final discount date and the net payment date for each of the following.

Invoice Date

Terms

Final Discount Date

Net Payment Date

16.   May 5

4/15, n45

17.   December 5

2/10, EOM

18.   September 1

3/20, ROG

Received Goods Oct. 3

19. February 11

2/10-60, Extra
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Homework Answers

Answer #1
1 Let the list price be X
X - 0.15X - 0.12(0.85X) - 0.14(0.748X) = $2,865.22
X - 0.15X - 0.102X - 0.10472X = $2,865.22
0.64328X = $2,865.22
X = $4,454.08 or $4,454
2
Invoice Date Terms Final Discount Date Net Payment Date
May 5 4/15, n45 May 20 June 19
December 5 2/10, EOM December 15 December 31
September 1 3/20, ROG
Received Goods Oct. 3		 October 23 October 23
February 11 2/10-60, Extra April 22 April 22
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