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QUESTION
Assume Anderson's General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000.
Assume Anderson's General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. If Anderson's paid National Trucking $650 cash for transportation, immediately returned goods to American Wholesaling costing $1,200, and then paid American Wholesaling within the 2/30, n/60 purchase discount period.
How much did this inventory cost Anderson's? Assume Anderson's uses a perpetual inventory system.
