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12. The current period's ending inventory is: A) The next period's beginning inventory B) The current period's cost of goods sold C) The prior period's beginning inventory D) The current period's net purchases E) The current period's beginning inventory 13. A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15,n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of: A) $70 B) $1,050 C) $700 D) $100 E) $140 14. Sales returns: A) Refer to merchandise that customers retum to the seller after the sale B) Refer to reductions in the selling price of merchandise sold to customers C) Represent cash discounts D) Represent trade discounts E) Are not recorded under the perpetual inventory system until the end of each accounting period 15. A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals: A) $743,000 B) $550,000 C) $357,000 D) $193,000 E) $(193,000) 16. An error in ending inventory causes an error in the next period's: A) Sales B) Beginning inventory C) Accounts payable D) Accounts receivable E) Shipping costs 17. A company has cash sales of $75,000, credit sales of $320,000, sales retums and allowances of $13,700, and sales discounts of $6,000. Its net sales equal: A) $395,000 B) $375,300 C) 5300,300 D) $339,700 E) $414,700