1)The credit terms 2/10, n/30 are interpreted as?
2% cash discount if the amount is paid within 10 days, with the balance due in 30 days.
10% cash discount if the amount is paid within 2 days, with balance due in 30 days.
30% discount if paid within 2 days.
30% discount if paid within 10 days.
2% discount if paid within 30 days.

2) A company's net sales were $676,600, its cost of good sold was $236,810 and its net income was $33,750. Its gross margin ratio equals?

3)A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged:

(1.) Inventory, beginning: $28,000
(2.) Purchases for the period: $17,000
(3.) Sales for the period: $55,000
(4.) Sales returns for the period: $700

The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory?
$ 9,705.

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