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Inventory costing $3,200 is sold for $4,500 on terms 4/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales? A. B. C. D. $3,425 $1,300 $4,500 $4,320 Inventory cost consists of purchase price: A. B. C. D. plus freight-in plus freight-out less freight-in less freight-out Shockglass Company had a beginning inventory of $15,000. During the year, the company recorded inventory purchases of $45,000 and cost of goods sold of $50,000. The ending inventory must equal: A. B. C. D. $10,000. $25,000. $26,000. $27,000. After performing a physical count of inventory at the end of the accounting period, it was discovered that the amount of inventory on hand was less than the accounting records reported. The entry to record this inventory shrinkage includes: A. B. C. D. credit to Cost of Goods Sold debit to Inventory credit to Purchase Discounts credit to Inventory Multiple-step income statements: A. B. C. D. separate core results from peripheral results. includes one subtotal for revenues and one for expenses. exclude certain significant items from net income. only report core results