Any help on these clarifying?

Page 1 of 3 O - useumaeHLCO Chapter 7 In-Class Assignments Problem #1: At the beginning of the year, Howard Supply has inventory of $3,500. During year, the company purchases an additional $12,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $4,000. What amount will Howard report for cost of goods sold? a) $11,000 b) $11,500 c) $12,000 d) $12,500 Which inventory cost flow assumption generally results in the lowest reported amount for cost of goods sold when inventory costs are rising? Lower of cost or market. b) First-in, first-out (FIFO) c) Last-in, first-out (LIFO) d) Weighted average cost When a company determines that its market value of its ending inventory is lower than its cost, what would be the effect(s) of the adjustment to write down inventory to market value? a) b) c) Decrease total assets. Decrease net income. Decrease retained earnings. All of these answer choices are correct. Suppose Comet Company overstates its ending inventory amount. What effect will this have on the reported amount of cost of goods sold in the year of the error? a) Overstate cost of goods sold. Understate cost of goods sold. Have no effect on cost of goods sold. Not possible to determine with information given