1) If gross profiton salesis 31%, what would be the gross profit percentageon cost?

44.9%

23.7%

41.1%

76.3%

2) On May 25, Denton Co. purchases 22 units of inventory for $36 each. Assume the company uses theperpetualinventory system.Record the May 25 entry for the inventory purchase.

3) On October 5, Lance Co. purchases 16 units of inventory for $53 each on account with terms 5/15, N/40. On October 10, the company returns 3 of the units purchased. Assume the company uses thenetmethod for discounts and theperiodicmethod for inventory.Record the October 10 entry for the inventory return. You may round amounts to the nearest dollar.