6. Norm's Tires purchased inventory on account for $30.000. Terms are 1/10,N/30. Norm returned $6,000 of the inventory and recelved full credit. Norm paid within the discount period. How mueh did Norm pay? b. $24,000 b. $23,760 c. $21,600 d. $16,800 7. Norma's Hot Dog Stand sells hot dogs to the public. The business opened in October. Here is purchase information for the month of October: During October, 6,000 units were sold. Which method of inventory costing will produce the highest Cost of Goods Sold? a. First-in, First-out b. Last-in, First-out c. Weighted average cost d. All methods will produce the same cost of goods sold. 8. Star Company's gross profit percentage is 40%. Moon Company's gross profit percentage is 30%. Sun Company's gross profit percentage is 20%. Which company will have the highest amount of net income a. Star b. Moon c. Sun d. It is impossible to tell