Using the following information, what is the amount of net sales? a. $28, 970 b. $63, 130 C. $62, 090 d. $63, 000 The term "inventory " can indicate a. Merchandise held for sale in the normal course of business b. Equipment used to manufacture products c. Supplies d. Any asset Which of the following items would affect the cost of merchandise inventory acquired during the period? a. Freight-in b. Quantity discounts c. Cash discounts d. All of these costs The primary difference between a periodic and perpetual inventory system is that a a. Periodic system keeps a record showing the inventory on hand at all times b. Periodic system determines the inventory on hand only at the end of the accounting period C. Periodic system provides an easy means to determine inventory shrinkage d. periodic system records the cost of the sale on the date the sale is made Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales c. Sales Returns and Allowances d. Interest Revenue The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be: a. Jan 1 Merchandise Inventory 1, 600 Accounts Payable 1, 600 b. Jan 1 Purchases 1, 600 Accounts Receivable 1, 600 c. Jan 1 Office Supplies 1, 600 Accounts Payable 1, 600 d. Jan 1 Purchases 1, 600 Accounts Payable 1, 600