Suomi 40 At the end of a reporting period, ABC determines that its ending inventory has a cost of $300,000 and a net realizable value of $230,000. What would be the effect(s) of the adjustment to write down inventory to net realizable value? 0.7 points 2 01:48:25 Multiple Choice Decrease net income Decrease total assets. Increase retained earnings Decrease total assets and net income. 42 ABC has the following: cash, $102 million; receivables, $94 million; inventory. $182 million; other current assets, $18 million, Plant Property and Equipment $220 million, accounts payable, $98 million long-term debt, $23 million. Based on these amounts, what is the current ratio (round to 2 decimal points)? 0.7 points 01:48:13 Numeric Response Final Saved Help Save & Exit Submit 43 ABC's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. ABC's inventory turnover ratio equals how many times a year? 0.7 points Numeric Response 8 01:47:55 ABC has beginning inventory for the year of $12,000. During the year, ABC purchases inventory for $150,000 and ends the year with $20,000 of inventory. ABC will report cost of goods sold equal to: Numeric Response 2:34