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A company using the perpetual inventory system purchased inventory worth $21,000 on account with terms of 3/10, n/30. Defective inventory of $1,000 was returned two days later, and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is ________. A $600 B $660 C $630 D $620 2. A company that uses the perpetual inventory system purchases inventory for $61,000 on account, with terms of 3/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? A. A debit to Accounts Payable for $61,000, a credit to Cash for $59,170, and a debit to Merchandise Inventory for $1,830 B. A debit to Accounts Payable for $61,000, a credit to Merchandise Inventory for $1,830, and a credit to Cash for $59,170 C. A debit to Merchandise Inventory for $1,830, a debit to Accounts Payable for $61,000, and a credit to Cash for $62,830 d. A debit to Accounts Payable for $59,170, a debit to Merchandise Inventory for $1,830, and a credit to Cash for $61,000 3. A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 for the freight-in. The company sold the whole lot to a supermarket chain for $14,000 on account. The company uses the specific-identification method of inventory costing. Which of the following entries correctly records the cost of goods sold? a Cost of Goods Sold . 10,750 Merchandise Inventory b Merchandise Inventory . 10,750 10,750 Cost of Goods Sold c Cost of Goods Sold . 10,750 10,000 Sales Revenue 10,000 d Cost of Goods Sold . 10,000 Merchandise Inventory 10,000 4. A company that uses the perpetual inventory system sold goods for $2,500 to a customer on account. The company had purchased the inventory for $500. Which of the following journal entries correctly records the cost of goods sold? a. Cost of Goods Sold 500 Sales Revenue b. 500 Merchandise Inventory 500 Cost of Goods Sold c. 500 Cost of Goods Sold 500 Merchandise Inventory d. 500 Accounts Receivable 500 Sales Revenue 500 5. Misty, Inc. had 24,000 units of ending inventory that were recorded at the cost of $8.00 per unit using the FIFO method. The current replacement cost is $4.50 per unit. Which of the following amounts would be reported as Ending Merchandise Inventory on the balance sheet using the lower-of-cost-or-market rule? a $192,0 . 00 b $300,0 . 00 c $216,0 . 00 d $108,0 . 00