2 Award: 0 out of 0.30 points Cost of Goods Sold is: An asset account. O A revenue account O An expense account. O A permanent equity account. 4. Award. O out of 0.30 points Given the information below, what is the gross profit? Sales revenue nding invento Cost of goods sold Sales Returns $320,000 50,000 100,000 250,000 20,000 O $250,000 O $70,000 $220,000 O s50,000 8. Award 0 out of 0.30 points Inventory records for Dunbar Incorporated revealed the following ollowing Date Apr 1 Apr. 20 Purchase Number of Units 500 400 Unit Cost $2.40 2.50 Beginning Inventory Dunbar sold 700 units of inventory during the month. Ending inventory assuming weighted-average cost would be (round weighted-average u O $502 3$490 O $489 O $480 10. Award O out of O.30 points Merchondise sold FOB shipping point indicates that The seller holds tite until the merchandise is received at the buyer's location O The merchandise has not yet been shipped O The merchandise will not be shipped untl payment has been received O The seller transfers title to the buyer once the merchandise is shipped