Examine the following transactions for Park Gift Shop and answer the questions that follow. Mar. 5: Purchased $ 4,400 of merchandise inventory on account, 3/10, n / 30 and FOB shipping point. Mar. 9: Returned $ 700 of defective merchandise purchased on March 5. Mar. 11: Paid the freight bill of $ 250 on the March 5 purchase. Mar. 12: Sold merchandise inventory on account for $ 5,200. , 2/15, n / 30. These goods cost the $ 3,700. a. If the merchandised purchased on March 5 was paid for within the discounted period, how much was its total cost? (2 marks) b. If the merchandise inventory sold on March 5 was sold at the discounted price, how much profit was made on the sale? (2 marks) c. What was the total cost of the Merchandise Inventory on hand on March 10? (2 marks) d. If some of the merchandise sold on March 12 was returned, which account would be debited and which account would be credited? (marks) e. What is the opposite of FOB Shipping Point? (2 marks) Total = 10 Marks

QUESTION 18 Examine the following transactions for Park Gift Shop and answer the questions that follow. Mar. 5: Purchased $4,400 of merchandise inventory on account, 3/10, n/30 and FOB shipping point. Mar. 9: Returned $700 of defective merchandise purchased on March 5. Mar. 11: Paid the freight bill of $250 on the March 5 purchase. Mar. 12: Sold merchandise inventory on account for $5,200., 2/15, n/30. These goods cost the $3,700. a. If the merchandised purchased on March 5 was paid for within the discounted period, how much was its total cost? (2 marks) b. If the merchandise inventory sold on March 5 was sold at the discounted price, how much profit was made on the sale? (2 marks) c. What was the total cost of the Merchandise Inventory on hand on March 10? (2 marks) d. If some of the merchandise sold on March 12 was returned, which account would be debited and which account would be credited? (2 marks) e. What is the opposite of FOB Shipping Point? (2 marks) Total = 10 Marks For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Paragraph Arial 3 (12pt) X DOO T T1 1 fx Mashups HTML CSS