Coranado Company purchases $70,000 of Inventory from a wholesaler who allows 45 days to pay In addition, the wholesaler offers a discount if payment is made within 12 days. These payment terms would be expressed as: Multiple Choice 0.03/12, 1/45 1/45, 0.03/12 n/45,3/12 3/12, 6/45 Refer to the financial statements of The Home Depot in Aprendix A. (Note: Fiscal 2016 for The Home Depot runs from February 1. 2016, to January 29, 2017 Required: 1. What amount of Net Sales does the company report during the year ended January 29, 2017? $32,313 $62,282 $7,957 $94,595 2. Assuming that Cost of Sales is the company's term for Cost of Goods Sold, compute the company's gross profit percentage for fiscal 2016 and the year immediately prior to that. 34.2% and 34.2% 34.8% and 32.8% 34.1% and 34.2% 65.8% and 65.8%