A buyer bought inventory for $3000 and pays $500 for shipping. The terms of the purchase is 2/10 n/30. If the buyer pays for the purchase within the discount period, the amount of the discount is $70. TRUE OR FALSE

A buyer using a perpetual inventory system uses an account named Purchases Returns and Allowances to record any goods returns to a supplier. TRUE OR FALSE

A company sells $10,000 of goods. The gross profit percentage is 32%. Net income would be $3,200 .TRUE OR FALSE