QUESTION 5 A company purchased inventory for $ 281,750 from a vendor on account, FOB shipping point, with terms of 2/10, 1/30. The company paid the shippers 12,700 cash for freight in. The company then returned damaged goods worth $ 61,250. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the net cost of inventory would be (Assume a perpetual Inventory system.) $288,815 $216,090 $228,790 $276,115 QUESTION 7 High Quality Jewelers uses the perpetual inventory system. On March 3, High Quality sold merchandise for $55,000 to a customer on account with terms 3/15, 1/30. The cost of goods sold was $20,350. On March 18, High Quality received payment from the customer. Calculate the amount of gross profit. $30.800 $33,000 $34,650 $53,350