Which document establishes an initial record of the receipt of the inventory? a. receiving report b. vendor's invoice 13. c purchase order d. petty cash voucher 14. Cost fnow is in the reverse order in which costs were incurred when using a. weighted average b. last-in, first-out c. first-in, first-out d. average cost 15. Whe nen Comparing a retail business to a service business, the financial statement that changes the least is the a. balance sheet b. income statement c. statement of stockholders' equity d. statement of cash flows Using the following information, what is the cost of goods sold? chases tember 1 16. $32,0 5,7 elling expense nventory 6,37 nventory, tember 30 ales nterest expense 91 63 dministrative xpense 1,04 1,2 ent revenue Norfolk Sporting Goods purchases merchandise with a catalog list price of $30,000. The retailer receives a 30% trade discount and credit terms of 2 /10, n/30. What amount should Norfolk debit to the Inventory account? 17. 3| Page method for reconding sales disconts. Assume discount period, what in the conreet journal entry? cer ne made a 5i2.000 purv hase with termis of a/ 10, n/ 30. When ie pays in the 19. Merchandise with sales price of $5,000 is sold on account with terms 2nd. n/30. e journal entry to record the sale would include a o. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated May I with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? 21. Emma Co. sold to Isabella Co. merchandise on account POB shipping point, 2/10 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period? 41Page