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Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $70,000. Credit terms...

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Accounting

Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $70,000. Credit terms of 5/15, n/60 apply. If Jorgensen uses the net price method, the purchase should be recorded at

a. $70,000

b. $66,500

c. $59,500

d. $42,000

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