1. Under the retail inventory methods, the retail value of ending inventory is determined by counting the ending inventory, referring to invoices to determine that inventory's cost, and multiplying the cost amount by the cost to retail percentage. True or False? Why?

2.Return on investment is the most-used summary indicator to date. True or False? Why?

3. Prior period adjustments are accounting changes that should be accounted for in comprehensive income on the income statement of the period of change. True or False? Why?