A sales invoice included the following information: merchandise price, $7,800; terms 1/10, neom; Foe shipping point with prepaid freight of $359 added to the invoice Assuming that a credit for merchandise returned of $1,600 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? $1,600 56,497 58,072 37,000 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows: Oct. Inventory 175 units at $30 7 Sale 155 units 15 Purchase 200 units at $33 24 Sale 140 units Assuming a perpetual Inventory system and using the first in, first-out (FIPO) method, determine () the cost of goods sold on October 24 and (b) the inventory on October 31 a. Cost of goods sold on October 24 b. Inventory on October 31 When me FIFO method is used costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of layers. Determine how much very remains from each layer after each . The ending inventory is made up of the most choses Leaming Objectives