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Company reported the following balances at June 30, the end of the fiscal year. Net sales for the fiscal year would be $11.800. $11.300. $10.700. $6.200. None of the above. Income from operations is gross profit less Cost of goods sold Financing expenses Operating expenses Other expenses and losses None of the above On a classified balance sheet, inventory is classified as A current asset A long term investment An intangible asset Property, plant, and equipment None of the above In a perpetual inventory system, the Cost of Goods Sold account is used Only when a sale of merchandise occurs Only when a return of merchandise purchased occurs Only when a purchase of merchandise occurs Only when a credit sale of merchandise occurs Only when a cash sale of merchandise occurs Jake's Market recorded the following events involving a recent purchase of merchandise Purchased goods for $50,000, terms 2/10, n/30 Returned $ 1,000 of the merchandise purchased for credit on account Paid $250 freight on the merchandise purchased Paid the invoice within the discount period As a result of the above transactions, the company's inventor)' increased by $49, 250 $48.270 $48, 265 $48, 020 None of the above