a. physical possession b. /management's judgment. whether or not the purchase price has been paid. d. legal title. 13. Financial information is presented below: $ 28,000 Operating expenses Sales returns and allowances 7,000 3,000 Sales discounts Sales revenue 150,000 Cost of goods sold 98,000 Profit margin ratio would be 0% b/31.5% 11.9% d. 16.0% Page 3 of 10 2