Rey Inc. sold a customer 8 pairs of shoes for a total of $800 on 01/01/2020 (100 per pair). Credit terms are 3/20, n/60. The cost of the 8 pairs of shoes was $600 ($75 per pair). On 01/05/2020 the customer returned 2 pairs of shoes because they were defective. On 01/10/2020 the customer paid the amount owed. . What is the net sales amount as a result of the above events? $582 S800 $776. Han Solo Inc. uses the average cost flow assumption. Here is some information about one of the products the company sells: The firm sold 750 units during 2019. The cost of goods sold in 2019 was $2,250. The firm had an inventory balance of 1,200 units at the end of 2019. What is the inventory amount (in dollar terms) at the end of 2019? CA $3,600 $3,000. c. $300 D.$1,200 Under the LIFO cost flow assumption during a period of decreasing costs, which of the following is false?! Cost of goods sold will be higher under LIFO than under FIFO. Income tax expense will be higher under LIFO than under FIFO. Net income will be higher under LIFO than under FIFO. Ending inventory will be higher under LIFO than under FIFO. 2 poi Chewbacca Company must write-down its inventory by $30,000 to the net realizable value of $450,000 on December 31, 2019. Cost of goods sold was $500,000 before the inventory write-down. Net sales were $900,000. Which of the following is true after the company recorded the inventory write-down? A Gross profit is $370,000. B. Inventory turnover will decrease. c. Asset turnover will remain unchanged. D. Cost of goods sold is $500,000. > Moving to another question will save this response. Question Luke Skywalker Inc. sells a package deal of a lightsaber and hood for $1,000. The standalone price of a lightsaber is $900 and the standalone price of a hood is $300. When a customer buys the package deal, how much of the $1,000 revenues is allocated to the sale of the lightsaber? A $900, C. $1,000 c $500. D $750