If a company values inventory at the lower of cost or market, which of the following is the value of inventory on the balance sheet? Apply the lower-of-cost-or-market method to inventory as a whole.

Item	Inventory Quantity	Unit Cost Price	Unit Market Price
Product C	420	$6	$5
Product D	370	12	14

a.$6,960

b.$7,700

c.$6,540

d.$7,280

d.current asset turnover ratio

An asset was purchased for $58,000 and originally estimated to have a useful life of 10 years with a residual value of $3,000. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $2,000. What will be the annual depreciation for the asset?

a.$5,500

b.$22,500

c.$23,500

d.$5,800

A company using the periodic inventory system has inventory costing $128 on hand at the beginning of a period. During the period, merchandise costing $412 is purchased. At year-end, inventory costing $333 is on hand. The cost of goods sold for the year is

a.$128

b.$412

c.$333

d.$207

When comparing a retail business to a service business, the financial statement that changes the least is the

a.income statement

b.statement of stockholders' equity

c.statement of cash flows

d.balance sheet