27. The following data were extracted from the accounting records of Applause, Inc. Applause currently uses the FIFO method of valuing inventory Sales revenuc Beginning inventory Purchases 200 units at $25 per unit 60 units at $12 per uni 180 units an S15 per unit the LIFO What would have beem the difference in Agplause's ending inventory under costing method? a. Ending invenmory weuld have been $120 highe b. Ending imventory weuld have been $120 lower c Ending iventory is the same under both methods d. The difference canmot be desemined using this information 28. Absoloen Company's ending inventory (al cost) was $75,000. The market value of the ending inventory was S65,000. How will this affect the reported ending inventory and a. increase both ending inventory and oost of goods sold b decrease ending inventory and increase cost of goods sold c. increase ending inventory and have no effect on cost of goods sold d. have no efflect on either ending inventory or cost of goods sold 29. Data for Be-Dazzled Shop for the year ended are as fellows Sales revenue $200,000 Cost of goods sold Beginning inventory Ending inventory 60,000 Inventory turnover is: 2.17 b 2.00 c. 1.86 d. 1.54 30. Holloway Corporation reported net income of S$675,000 for the current year. After the financial statements had been prepared, it was discovered that ending inventory had beern understated by $25,000. The correct net income was: a $625,000 b. $650,000 c $675,000 d. $700,000 Section 7: Reporting and Analyzing Operating Assets Plant Assets, Natural Resources and Intangibles 31. Hillsboro Company purchased a tract of land and contracted with a commercial developer to build an office building. Hillsboro Company also engaged other contractors for fencing. paving, lighting, and landscaping