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and way Company purchased merchandise inventory with an invoice price of $12,000 Days wtht terms of 2/10, nu/30. What is the net cost of the goods if Conway Company 13. Conway and credit s12hin the disount period? a. $12.000 b. $11.760 c. $10,800 d. $11,040 14. In the bert terms of 1/10, n/30, th""represents the of days in the discount period. b. full amount of the invoice. c. number of days when the entire am d. percent of the cash discount. as payment in full on May 4? of $3,800 is made on April 25, terms 2/10, net/30. What amount is received a. $3,528 b. $3,724 c. $3,800 d $3,600 I6. When an error is made and needs to be fixed the best way to do it is with a a. Adjusting entry b. Closing entry c Reversing entry d No entry 17. If goods in transit are shipped FOB destination a. the seller has legal title to the goods until they are delivered. b. the buyer has legal title to the goods until they are delivered c. the transportation company has legal title to the goods while the goods are in d. no one has legal title to the goods until they are delivered. transit. a. never owned by the consignee. b. included in the consignee's ending inventory. c, kept for sale on the premises of the consignor. 18 Goods held on consignment are Dart of no one's ending inventory

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