Acompany using the perpetual inventory system purchased inventory worth $20,000 on account with terms of 2/10, n/30. defective inventory of $3,000 was returned two days later, and the accounts were appropriately adjusted. if the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is

$340

Explanation:

The computation of the purchase discount is shown below:

The discount = (Purchase of  Merchandise amount - defective inventory returned amount) × discount rate

= ($20,000 - $3,000) × 2%

= $17,000 × 2%

= $340

We simply deduct the defective inventory from the merchandise amount and then multiply it by the discount rate so that the correct amount of discount can come.  

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