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Financial Accounting Inventory Quiz Choose the most correct answer. B1+ Purch - 1. From the above information Bobco's Cost of Goods Sold for 2018 is? abcd$174,000$116,000$200,000$0 2. From the above information, the 2018 gross profit rate for Bobco is? abcd43.5%50.0%56.5%25.0% 3. From the above info, Bobco's inventory turnover for 2018 is? abcd2.45timesperyear3.00timesperyear3.87timesperyear4.23timesperyear 4 If Bobco turned over its 2017 imventory 6 times, what are the number of days in inventory? abcd6.0030.4236.0060.83 5 If Bobco's 2018 ending inventory is understated by $10,000,80bc0 's ab2018Costofgoodssoldisunderstatedby$10,0002018Netincomeisunderstatedby$10,000 c 2018 gross profit is overstated by $10,000 d 2019 beginning inventory will be overstated by $10,000 6 If Bobco's 2019 ending inventory was understated by $7,000, Bobco's a 2019 Cost of goods sold is understated by $7,000 b 2019 Net income is overstated by 57,000 c 2020 Beginning inventory is overstated by $7,000 d 2020 Beginning inventory is understated by $7,000 7 If Bobco's 2019 ending inventory is understatedby $7,000, Bobco's a 2020 net income is overstated by $7,000 b 2020 net income is understated by $7,000 c 2020 net income is unaffected d 2020 cost of goods sold is overstatred 8 The replacement cost for Bobco's 2019 inventory is $60,000. As a result Bobco will a Buy more inventory since it is so cheap b Credit inventory $9,000 c Keep inventory book value at $69,000 d Credit cost of goods sold $9,000