D Question 5 A purchase invoice included the following transactions: Merchandise inventory cost $5,000 at 1/10, n30: transportation paid by the seller $300, an inventory retum of $600 was accepted prior to the payment due date. If the invoice is paid within the discount period, what is the amount of cash paid by the buyer? $4,400 2 pt $4356 $4,950 O $5,000 estion 6 August. Michael's Supply Store generated revenues sales of $40,000. The company's s were as follows: cost of goods sold of $18,000 and operating expenses of $3,000, gross profit for Augustis 2 pts O FUL O FOB buyer O FOB shipping point 2 pts Question 9 Merchandise inventory with an invoice purchase price of $5,000 is purchased with credit terms of 2/10, n/30, FOB Destination. Transportation costs total $125. If paid within the discount period, what is the value of the inventory purchased to the buyer? O $5000.00 O $4900.00 O $5125 O $5022.50 Question 10 transit costs $100, and taxes costs $50,2 huyer? $65 $70 $15 D Question 15 2 pts Piper Company developed the following information about its inventories in applying the lower-of- cost-market (LCM) basis in valuing inventories per product (per unit) Product Cost Market $100,000 $130,000 B 90,000 75,000 152.000 160.000 If Piper applies the ICM basis per product (unit), the value of inventory reported would be $342.000 $327000 Unit LOM is not acceptable under GAAP $365.000 Question 16 the lower-of-cost-or-market (LCM) basis of valuing inventory is an example of 2 pts time period assumption comparability cost principle