Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $58000. Credit terms were 2/10, n/30. The inventory was sold on account for $170000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Which statement is correct?

There is not enough information available to answer this question.

Cash flows were affected on January 14 and January 21.

Gross profit percentage is 60%.

On January 30, 2022, customers should remit cash in the amount of $168300.

Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $58000. Credit terms were 2/10, n/30. The inventory was sold on account for $170000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Which statement is correct?

There is not enough information available to answer this question.

Cash flows were affected on January 14 and January 21.

Gross profit percentage is 60%.

On January 30, 2022, customers should remit cash in the amount of $168300.

Financial information is presented below:

Operating expenses		$ 26000
Sales revenue		238000
Cost of goods sold		147000

The gross profit rate would be

0.11.

0.27.

0.62.

0.38.

Financial information is presented below:

Operating expenses		$ 28000
Sales revenue		214000
Cost of goods sold		139000

The profit margin would be

0.22.

0.35.

0.65.

0.78.

Financial information is presented below:

Operating expenses	$ 20000
Sales returns and allowances	5000
Sales discounts	3000
Sales revenue	140000
Cost of goods sold	85000

The profit margin ratio would be

0.34.

0.20.

0.19.

0.36.