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Unformatted text preview: 9. D. 80 * 200 = 16,000 10. B. Cost of goods sold is overstated while net income is understated. 11. B. Harold's owner's equity was overstated at December 31, 2010, and properly stated at December 31, 2011 12.D. Decreasing the amount of inventory on hand and increasing sales would cause the inventory turnover ratio to increase the most 13. B. 365/3 = 121.7 days 14. B. 135,000 105,000 = 30,000 15. D. In a perpetual inventory system FIFO cost of goods sold will be the same as in a periodic inventory system...
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This note was uploaded on 04/06/2011 for the course ACCT 11 taught by Professor Abatemarco during the Spring '11 term at Long Island U..
- Spring '11