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What does 2 / 1 0 mean, with respect to credit terms of 2 1 0 , n 3 0 ? A

What does "2/10" mean, with respect to "credit terms of 210,n30"?
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
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