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QUESTION
1) Marathon Company purchased merchandise inventory that cost $8,000 under terms of 2/10, n/30 and FOB shipping point. 2) Marathon paid freight cost...
1) Marathon Company purchased merchandise inventory that cost $8,000 under terms of 2/10, n/30 and FOB shipping point.2) Marathon paid freight cost of $500 on the merchandise.3) Marathon made payment to the supplier within the discount period.4) All of the goods were sold to customers on account for $12,000.
