Assume that the net sales of a company are $100,000, cost of goods sold is $52,000, and operating expenses are $22,000. What would be the income from operations reported on the company's multistep income statement? $30,000 $48,000 $78,000 $26,000 Lighting Co. purchases $500 of lanterns on account on July 5 , with credit terms of 5/10,n/30. Assume Lighting Co. pays on July 9, taking advantage of the discount. What is the journal entry on July 9 ? Dr Accounts Payable 475; Cr Cash 475 Dr Accounts Payable 500; Cr Purchase Discounts 25; Cr Cash 475 Dr Purchase Discounts 25; Dr Accounts Payable 475; Cr Cash 500 Dr Accounts Payable 500; Cr Inventory 25; Cr Cash 475 Dr Accounts Payable 500; Cr Cash 500 Suppose a company had the following inventory information: - Beginning Inventory: 90 units @ \$4.00 cost per unit - Purchases: 180 units @ \$7.00 cost per unit If the company then sold 190 units, what would be the amount of COGS under FIFO? $360 $1,260 $1,060 $1,300 Lighting Co. purchases $500 of lanterns on account on July 5 , with credit terms of 5/10,n/30. Ignoring shipping terms, what is the journal entry that Lighting Co. will record for the purchase of lanterns? Dr Accounts Payable 475; Cr Inventory 475 Dr Inventory 500; Cr Cash 500 Dr Inventory 475; Cr Accounts Payable 475 Dr Inventory 500; Cr Accounts Payable 500