Question 16 1 pts

On August 1, our company purchases $1,000 worth of merchandise inventory on credit with the terms 3/10, n/30. What is the amount we would credit to cash if we pay this invoice on August 9?

$1,000

$997

$990

$970

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Question 17 1 pts

Our company purchases $4,000 worth of merchandise inventory on credit with the terms 2/10, n/30. Transportation costs were an additional $200. Our company returned $300 worth of merchandise. What is the total cost of this merchandise if our company paid the invoice within the discount period?

$3,426

$3,826

$4,018

$4,410

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Question 18 1 pts

Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000 for $6,500 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we credit to record the sales revenue for this transaction?

sales revenue, $6,500

merchandise inventory, $3,000

cost of goods sold, $3,000

accounts receivable, $6,500

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Question 19 1 pts

Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000 for $6,500 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we credit to record the cost of goods sold for this transaction?

sales revenue, $6,500

merchandise inventory, $3,000

cost of goods sold, $3,000

accounts receivable, $6,500

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Question 20 1 pts

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1	120 units at $70 per unit
Purchase on February 14	100 units at $85 per unit
Sale on August 21	120 units

What would be the companys ending merchandise inventory in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?

$9,900

$8,500

$8,400

$7,000

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Question 21 1 pts

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1	120 units at $70 per unit
Purchase on February 14	100 units at $85 per unit
Sale on August 21	120 units

What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?

$9,900

$8,500

$8,400

$7,000

Please answer all midterm exam thank you