Armstad Company has dollar 1.000 in inventory at the end of Doc ember, before any adjusting entries. The inventory is 100 widgets at a cost of dollar 10 each. Armstad soils widgets for dollar 8 each. Jones Company has dollar 2,000 m inventory at the and of December, Before any adjusting entries. The inventory is 500 gadgets at a cost of dollar 4 each. Jones sells the gadgets for dollar 9 each. Choose true or false for each of the following statements on the December balance shoot. Armstad will show inventory of dollar 1, 000. True On the December balance sheet. Jones will show inventory of dollar 2,000. false