Harry P. Inc. sold a ceramic pot to its customer for $10 that it purchased for $3. If the customer returns the pot, what balance sheet account is used to record the return by Harry P. Inc? a. Accounts Payable b. Sales Returns and Allowances C. Cost of Goods Sold d. Merchandise Inventory TE 19 XYZ Company has beginning inventory of $900, ending inventory of $1,000, and cost of goods sold of $3,000. What is the merchandise inventory turnover? a. 3.16 b. 3.33 C. 3 d. 1.58 XYZ Inc. purchased $12,500 worth of merchandise on June 1, 2015 on credit. After inspecting the inventory, it determined that 20% of the items were defective and returned them to the supplier. Assuming a perpetual system, what is the balance of the Inventory account on the Balance Sheet after the items were returned? a. $12,500 b. $2,500 C. $10,000 d. $15.000 Next pag s Jump to... php?attempt=22924... Inventory is recorded at a. Lower of cost and net realizable value b. Market value c. The greater of cost and net realizable value d. Cost Jump to