194) The balance sheet of ABC reports total assets of $1,500,000 and $1,700,000 at the beginning and end of the year, respectively. Net income and sales for the year are $240,000 and $2,000,000, respectively. What is ABC's profit margin? A) 1 5%. ) 16%. C) 14.12%. D) 1256. 95) Date Quantity Price Beginning Inventory March 1 20 $2 March 7 Purchase 15 March I1Sale 25 March 12 Purchase 20 What is ending inventory using FIFO cost flow assumptions? B)$110. 6 0,000 D) $170. A) $70. C) $55. 196) The following information pertains to ABC: March 1 Beginning inventory 30 units@$S March 3 Purchased 15 units@$4 March 9 Sold 25 units@$8 What is the cost of goods sold for ABC assuming it uses LIFO? A) $125. D) $100. B) $85. C) S110. 197) For a journal entry with only two lines, the following entry is valid: Increase in Liability, Decrease in Dividends A) False DS 70. B) True 198) If over the year the selling price of inventory increases, but the cost of the inventory remains constant A) LIFO net income will be greater than FIFO net income B) LIFO net income will be less than FIFO net income CL IFO net income will beidentical to FIFO net income $100. A company overstates its ending inventory for 2018. What effecet will this have on the reported amount of cost of goods sold for 2018? A) Cannot be determined given the information provided. B) Understate cost of goods sold. C) Overstate cost of goods sold. D) Have no effect on cost of goods sold. tory renains 200) Window Dressing is done by A) Financial Analysts C) Accountants B) Managers D) Auditors r he teportc 30