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On February 2, Hamm Manufacturing Corp. purchased $40,000 worth of inventory, on credit terms 3/10 n/30. On February 10, Hamm paid for the inventory, taking advantage of all available discounts.

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Answer:

1. Determine the discount percentage:

The term "3/10 n/30" means that if Hamm pays within 10 days, they receive a 3% discount.

2. Calculate the discount amount:

Discount = 3% * $40,000 = $1,200

3. Calculate the final payment:

Final payment = Original price - Discount = $40,000 - $1,200 = $38,800

Therefore, Hamm received a $1,200 discount for paying within 10 days and made a final payment of $38,800.

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