1) On June 10, a firm bought inventory for $500, 2/10, net/30. What is the correct entry to record the payment if the firm paid the bill on June 15? 2) On June 10, firm bought inventory for $500, 2/10, net/30. What is the correct entry to record the payment if the firm paid the bill after June 207 3) A firm buys 300 pens for $600. The goods are shipped FOB shipping point and the shipping costs are $50. The firm takes a $100 credit allowance for the pens arriving late. What is the final cost to the company per pen? 4) A firm buys 300 pens from a manufacturer for $600 on June 10 under terms of 3/10, net/30. The pens are shipped FOB destination, so the $100 shipping costs are paid by the seller. The firm returns 30 of the pens on June 12 and pays for the balance on June 22. What is the firm's final cost per pen? 5) A firm buys 300 pens for $600, 2/10, net/30. The pens are shipped FOB shipping point, so the buyer pays the $100 shipping cost. The firm returns 20 pens and takes a $50 purchase allowance on the remaining pens. How much was the inventory cost per pen if the firm paid within the discount period? A firm sells merchandise to a customer with terms of 2/10, net/30. The customer buys 400 units at $250 per unit, but it returns 20 units for full credit. The customer also gets an allowance of $20 per unit because delivery was late. How much will the firm receive if the customer pays the invoice within the discount period? 7) A firm provides the following information at year-end: Inventory $175,000 COGS 250,000 Sales 500,000 Sales returns 18,000 Sales allowances 12,000 Sales discounts 8,000 What is the firm's gross profit percentage?