What does $"2/10"$ mean, with respect to "credit terms of $\frac{2}{10},\frac{n}{30}"?$

A$)$ A discount of $10$ percent will be allowed if the invoice is paid within two days of the invoice date.

B$)$ A discount of $2$ percent will be allowed if the invoice is paid within $10$ days of the invoice date.

C$)$ Interest of $10$ percent will be charged if invoice is paid after two days.

D$)$ Interest of $2$ percent will be charged if the invoice is paid after $10$ days from the date on the invoice.

Which of the following states that a company must perform strictly proper accounting only for items that are significant to the business's financial statements?

A$)$ materiality concept

B$)$ disclosure principle

C$)$ conservatism

D$)$ consistency principle

Under which of the following inventory costing methods is the ending inventory based on the costs of the most recent purchases?

A$)$ last$-$in$,$ first$-$out

B$)$ weighted$-$average

C$)$ specific identification

D$)$ first$-$in$,$ first$-$out

A company purchased $500$ units for $$30$ each on January $31.$ It purchased $550$ units for $$33$ each on February $28.$ It sold a total of $650$ units for $$45$ each from March $1$ through December $31.$ What is the cost of ending inventory on December $31$ if the company uses the first$-$in$,$ first$-$out $($FIFO$)$ inventory costing method? $($Assume that the company uses a perpetual inventory system.$)$

A$)$ $$10,200$

B$)$ $$1,800$

C$)$ $$13,200$

D$)$ $$12,000$