Vaughn Manufacturing purchased merchandise with an invoice price of $ 3000 and credit terms of 3/11, n/30. Assuming a 360-day year, what is the implied annual interest rate inherent in the credit terms? 3% 7% 38% 57% Assume Ayayal Corp. uses the periodic inventory system and has a beginning inventory balance of $6900, purchases of $61000, and sales of $108000. Ayayal closes its records once a year on December 31. In the accounting records, the inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was equal to $6900 more than $6900 less than $6900 indeterminate. Novak has the following inventory data: Nov. 1 Inventory 37 units @ $7.30 each 8 Purchase 146 units @ $7.85 each 17 Purchase 73 units @ $7.70 each 25 Purchase 110 units @ $8.10 each A physical count of merchandise inventory on November 30 reveals that there are 122 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 37 units from each of the three purchases and 11 units from the November 1 inventory.cost of goods sold is $1268. $1914 $1909 $1882