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Question 10 of 18 > Moving to another question will save this response. Bestion 10 1 points XYZinc reported total assets of $1.200.000 and net income of $135.000 for the current year. XYZ determined that inventory was overstated by 10.o at the beginning of the year (this was not corrected). What is the corrected amount for total assets and net income for the year? $1.200.000 and 5135.000. OA 51.200.000 and $145,000 OB. 51.190.000 and $125.000 . $1.210.000 and $145.000 OD Question 1 of 1 HUL YUSUUN WIII Save this response. Question 11 Why are inventories stated at lower-of-cost-or-net realizable value? To report a loss when there is a decrease in the future utility. A. To report a loss when there is a decrease in the future utility below the original cost. B. To permit future profits to be recognized. C. None of the above. D. will save this response. A Moving to another question will save this response. Question 12 Which of the following is not an acceptable method of applying the lower-of-cost-or-net realizable value method to inventory? Inventory location. Groups of inventory items. B. Individual item. C. Total of the inventory. D