The primary difference between a periodic and perpetual inventory system is thek a a. periodic system keeps a record showling the inventory on hand at all times . periodie system determines the inventory on band only at the end of the accounting perioc C periodic system provides an easy means to determine inventory shrinkage d. periodic system records the cost of the sale on the date the sale is made 33. MC.06-084 34. MC.06-094 Which of the following accounts has a normal credit balance? a. Sales b. Merchandise Inventory c. Delivery Expense d. Accounts Recelvable 35. MC.06-091 In credit terms of 3/15, n/45, the "3" represents the a. number of days in the discount period b. full amount of the invoice C. percent of the cash discount d. number of days when the entire amount is due 36. MC.06-121 Who is responsible for the freight costs when the terms are FOB shipping point? a. the buyer b. the ultimate customer c. the seller d. either the seller or the buyer 37. MC.06-140 Inventory shrinkage is recorded when a. merchandise is returned by a buyer b. merchandise is returned to a seller c. merchandise purchased from a seller is incomplete or short d. there is a difference between a physical count of inventory and inventory records 38. MC.06-093 Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer $25,000. What is the amount of the sales discount allowable? ein a. $500 b. $460