#15 An invoice of $800 for merchandise purchased is showing 3/15, n/30 as terms of credit. If the invoice is paid on or before the fifteenth day after the

invoice date, the amount to be paid is

O A. $824

O B. $776

O C. $827

O D. $800

#16 Which of the following is the correct formula to calculate inventory turnover?

O A. Inventory turnover = Cost of goods sold / Average merchandise inventory

O B. Inventory turnover = Cost of goods sold + Average merchandise inventory

O C. Inventory turnover = Cost of goods sold - Average merchandise inventory

O D. Inventory turnover = Cost of goods sold x Average merchandise inventory

#17 Bargain Merchandisers has the following account balances for the month of July.

Net Sales Revenue

Cost of Goods Sold

Operating Expenses

Interest Revenue

Calculate Gross Profit.

$405.000

310.000

80.000

6,000

O A. $21.000

B. $9,000

O C. $95.000

D. $15,000