Chapter 5: 1. Gross profit is often mentioned in the business What does gross profit mesure, and why is it important? Importante 2 Identify ten items of information on an invoice 3. Inventory costing $1,000 is purchased and invoiced on July 28 under terms of 3/10 n/30. Compute the payment amount on August 6. How much would the payment be on August 9? What explains the difference? What is the latest acceptable payment date under the terms of sale? 4. Why is the title Cost of Goods Sold especially descriptive? What type of account is Cost of Goods Sold? beginning inventory is $5.000, net purchases total 30,000, and freight in is 1,000 tanding inventory is $8,000, what is the cost of goods sold