If ending inventory for the current period is understated, then owner's equity will be O A. overstated at the end of the current period and understated at the end of the next period OB. overstated at the end of the current period, but it will be correct at the end of the next period OC understated at the end of the current period, but it will be correct at the end of the next period OD. understated at the end of the current period and overstated at the end of the next period The gross margin percentage is calculated as O A. gross margin divided by net sales revenue O B. gross margin times net sales revenue O C. gross margin minus net sales revenue O D. gross margin plus net sales revenue If a company uses periodic inventory and FIFO when prices are falling, the effect will O A. increase the gross margin O B. reduce cost of goods sold O C. reduce the gross margin O D. increase the inventory ending balance on the balance sheet