Cost of goods sold is equal to (28) a. the total amount of merchandise purchased during the year. b. the cost of merchandise purchased plus transportation-in costs less ending inventory. c. the cost of merchandise purchased plus transportation in costs plus beginning inventory minus purchase returns and allowances and purchase discounts minus ending inventory. d. the cost of merchandise purchased plus transportation in costs plus beginning inventory minus purchase returns and allowances and purchase discounts. Which one of the following statements is false? (34) a. The inventory account is updated after every sale and after every merchandise purchase under the perpetual inventory system. b. The inventory account is updated only at the end of the accounting period under the periodic inventory system. c. A cost of goods sold account is updated after each sale of merchandise under the period The balance sheet of Jobston Inc. includes the following items: Cash Accounts receivable Inventory Prepaid insurance Land Accounts payable Salaries payable Capital stock Retained earnings $ 22,400 11,700 23,300 1,040 80,000 47,500 1,200 84,040 5,700 Read the information about Jobston. Inc. What is Jobston's current ratio. a. 0.8 to 1 b. 1.6 to 1 c. 1.2 to 1 d. 2.5 to 1 ehted State