A. 650.

B. $1,000.

C. $707.

D. $600.

A. 25%.

B. 19%.

C. 20%.

D. None of these answer choices are correct.

Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? Multiple Choice Cash Sales Accounts receivable 45,540 460 46,000 Cash Sales discounts Accounts receivable Sales discounts forfeited 46,000 460 46,000 460 Cash Sales discounts Accounts receivable 45,540 460 46,000 Cash Accounts receivable Sales 46,000 45, 540 460 Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the FIFO method is: Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $ 420,000 Sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 82,000 340,000 422,000 86,000 336,000 $ 84,000 Thompson's 2021 gross profit ratio is