Question 11?

10. Which of the following is a true statement? A) For accounting purposes, goodwill should be amortized over an estimated useful life. B) Depreciation is the process used for calculating the asset write-off when an asset is completely worn-out and is no longer useful to an entity. C) Depletion is the cost-allocation method used for investments in copyrights. D) All the above are true. E) None of the above is true. 11. The King Company accounts for its inventory using the perpetual system and the FIFO method of valuation. King had the following inventory transactions during the year ended December 31,2013 : Beginning inventory balance 3,000 units at $7 per unit February 1 - Purchased 5,000 units at $9 per unit April 1-Purchased 4,000 units at 58 per unit May 1 - Sold 6,000 units June 1 - Purchased 3,000 units at $7 per unit August 1 - Sold 5.000 units October 1 - Sold 1,000 units November 1 - Purchased 5.000 units at $6 per unit A) $39,000 B) $47,000 C) $51,000 D) 353,000 E) None of the above. 12. Which of the following is a true statement? A) An enitity balance sheet for calindaryear 2022 should be datod as being Mor the yoat ended Decomber 31, 20022