Tool manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. tool manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. assume tool manufacturing uses a perpetual inventory system. what is tool manufacturing's final cost of the inventory that it kept? (round your answer to the nearest whole number.)

  $ 3,116.7   final cost of the inventory

Explanation:

asset enter the accounting as the sum of all incurred cost which were necessary to obtain it. In this case we got:

 5,300  invoice cost

- 2,385 return goods

  2,915 nominal after return, subject to discount of 2%

-      58.3   discount granted of 2%

 2,856.7‬   final amount to supplier

   260      for fregith fees

   3,116.7   final cost of the inventory