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Unformatted text preview: units for $43 each. What is the cost of goods sold using the FIFO method? Correct $1,935. $990. $970. $945. Unanswered Question 4 Multiple Choice During 2010, Green Co. received mercha ndise on consignment from a consignor. Upon receipt, Green made no entry to the inventory account for goods received. At December 31, Green Co.'s year end, it included the consigned goods in its ending inventory count. The effect of this on Green Co.'s December 31, 2010 financial statements would be Correct net income, current assets, and retained earnings were overstated. net income was correct and current assets were understated. net income and current assets were overstated, and current liabilities were understated. net income, current assets, and retained earnings were understated. Unanswered Question 5: Masterlink Co., in applying the lower of cost or market method, reports its inventory at net realizable value. Which of the following statements are correct? A. Option A B. Option B C. Option C D. Option D...
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- Spring '10