CONCEPTS (A-E): A) If Gross Profit % is estimated to be 70%, what would estimated COGS be if Net Sales were $100,000? B) Due to GAAP rules companies may not change their chosen inventory costing method and system whenever management decides to do so. Type True of False C) A Company had a Gross Profit % of 35% for 2020 and then 40% in 2021. Based on that information alone, has the company's profitability improved? Type Yes or No. D) An error in an ending inventory count will affect the financial statements only in the year of the error True or False? E) If a company uses the PERIODIC LIFO method and purchasing costs are decreasing, how will that affect COGS unit cost? Type Increase or Decrease. F) If the seller of goods (inventory) is responsible for paying for the freight or shipping on a transaction, which financial statement would the amount appear on? Type Balance Sheet or Income Statement