On March 15, 2019, Ryan Company purchased $11,600 of merchandise on credit subject to terms of 3/10, n/30. Ryan Company records its purchases using the gross amount.

Which of the following journal entries is correct when Ryan Company pays for these goods on March 30, 2019?

Multiple Choice

• Accounts payable	11,252
  Cash		11,252

• Accounts payable	11,600
  Inventory		348
  Cash		11,252

• Accounts payable	11,252
  Inventory	348
  Cash		11,600

• Accounts payable	11,600
  Cash		11,600

Item20

Time Remaining 1 hour 51 minutes 37 seconds

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Item20

Time Remaining 1 hour 51 minutes 37 seconds

01:51:37

On December 31, 2019, Cruise Company has 13,000 units of an inventory item, which cost $43 per unit when purchased on June 15, 2019. The selling price was $76 per unit. On December 30, 2019, it was determined that cost to sell was $35 per unit. At what amount should the 13,000 units of inventory be reported at on the December 31, 2019 balance sheet?

Multiple Choice

• $988,000.

• $455,000.

• $559,000.

• $533,000.