13) If a six month promissory note of $5,000 has an annual interest rate of 6%, how much interest is owed at the end of three months? a) $25 b) $50 c) $60 d) $75 14) Using the following facts, what is the average collection period? Net credit sales for 2022: $20,000 Accounts receivable on 12/31/21: $ 5,000 Accounts receivable on 12/31/22: $ 3,000 a) 30 days b) 40 days c) 50 days d) 73 days Note: Answer questions (15) - (17) based on the following information: Beginning inv. O units $ 0 Purchases (in units): 6/2 10 units @ $100 $1,000 6/8 10 units @ $120 $ 1,200 Goods available: 20 units $ 2,200 Units sold: 15 units I (see next page) 15) What is Cost of Goods Sold under the FIFO method of inventory? a) $1,500 b) $1,600 c_$1,700 d) $1,800