Company made total purchases of $ 310 comma 000 in the most current year. It paid freight in of $ 5 comma 500 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Trift's customers, totaled $ 7 comma 800. Of the total purchases Trift made during the period, it returned $ 28 comma 000 of the merchandise. Trift took advantage of $ 2 comma 700 of purchase discounts offered by its vendors. What was Trift's cost of inventory?

Cost of inventory = $284,800

Explanation:

Given:

Purchase = $310,000

Fright inward = $5,500.

Fright outward = $5,500

Purchase return = $28000

Discount receive = $2,700

Computation of Cost of inventory:      

Particular                                  Amount

Purchase                                $310,000

Add: Fright inward                 $5,500    

                                               $315,500

Less: Purchase return            $28000

Less: Discount receive           $2,700    

Cost of inventory                  $284,800

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