Status: Boston Cycles started April with 10 bicycles that cost $40 each. On April 16, Boston bought 12 bicycles at $50 each. On April 31, Boston sold 15 bicycles for $100 each. Assuming the company uses FIFO inventory costing methos. What is the dollar amount of Boston Cycles' ending inventory? $350 $280 $315 $360 QUESTION 7 In the credit terms of "2/10 n/30", what does the "2/10" mean? The invoice must be paid in 2 days or a 10% late charge will be assessed. The invoice was printed 2 days after the sale and is due in 10 days. The goods shipped took 2 days to arrive and the charge was $10.00. The vendor will give a 2% discount if the invoice is paid in 10 days. QUESTION 8 Where do Merchandise Inventory and Cost of goods sold appear? On the Balance sheet and Statement of owners s equity, respectively On the Statement of owner s equity and Income statement, respectively On the Balance sheet and Income statement, respectively 4 points Save Answer 4 points Save Answer