7) In 1950, Dodo Co. purchased a buildingfor$280,000. Salvagsvalw and useful life was estimated at 40 year. building. The building has been appraised at a market value of $1,000.0o0 aicho true? ed to be S80000 Which of the following i In 2017.67 years laerthe otpuny Depreciation expense of $5,000 will be reconded in 2016 . The balance sheet will show the building at 51,000,000 less accumulated depreciation c. The balance sheet will not show the building as an asset since it has no useful life remaining d. The building will be shown on the 2016 balance sheet at a net book value of S8o0 8) Meadowlark Co. has the following Beg Beginning inventory $1,926 2.290 25.296 Ending inventory Cost of goods sold Compute the Days in Inventory to the nearest whbole number a. 30 b. 28 c. 12 d. 33 9) Oriole Co. had the following Tetal cost Number ef snits Beginning inventory $20,000 32,000 Purchase, January 15 4,000 The company sold 1,900 units during January. Compute the cost of sndins inventery using the average-cost method to the nearest dollar a. $19,760 b. $24,800 c. $32,240 d. $15,200 10) Yeeker Inc. has inventory that cost the company $100,000. It company has concluded that the market value of the inventory at the end of the current year is on $90,000. Which of the following is required by generally accepted accounting principles? a. The balance sheet must report assets at cost, therefore the $10,00 decrease in value can o b. The balance sheet would report inventory at $90,000 and a $10,000 loss would be shown c. The balance sheet would report the inventory at $100,000 cost but the income statement d. GAAP does not allow a write-down of inventory be recognized when the inventory is sold the income statement report a $10,000 loss in value