Bijoux Company has sales of $40,000, beginning inventory of $5,000, purchases of $25,000, and ending inventory of $7,000. The cost of goods sold is:

a.$23,000

b.$30,000

c.$40,000

d.$17,000

Your company purchases $50,000 of inventory from a wholesaler who allows you 45 days to pay. In addition, the wholesaler offers a 3% discount if payment is made within 12 days. These payment terms would be expressed as:

a.0.03/12, n/45.

b.n/45, 3/12.

c.n/45, 0.03/12.

d.3/12, n/45.