47. For a period during which the quantity of inventory produeed equals the quantity sold. income from operations reported under variable costing will equal ineome from operations reported under absorption costing. a. True b. False 48. Equipment with a book value of $20 and an original cost of $30 is sold for $.3 gain. The effect on the statement of cash flow would be a $3 eash decrease in operating and a $23 eash increasc in investing. a. True b. False 49. Retained Eamings increased by $20 during the year. Dividends declared and paid were $4. Using the indirect method Net Ineome would inerease operating aetivities by $28 and deerease financing activities by $4. a. True b. False 50. Which of the following is NOT a period cost? a. drill bits for a drill press used in the plant assembly area b. advertising for a particular product c. salary of the company receptionist d. salary of a sales manager