Which of the following correctly describes credit terms of 2/10, n/30? question 5 options: a two percent discount for early payment is available if the invoice is paid before the tenth day of the month following the month the sale. a two percent discount for early payment is available within ten days of the date of sale. a ten percent discount for early payment is available if the invoice is paid within two days of the date of the invoice. a two percent discount for early payment is available if the invoice is paid after the tenth day, but before the thirtieth day of the invoice date.

Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.