The end of the financial year for The Candy Crush Company is 30 June 2019. At that date, ending inventory was understated by $5 350. The profit for the year ending 30 June 2019 will be: Select one: a. overstated b. dependant on whether or not the inventory increased during 2019, c. understated. d. correctly stated Bills receivable are classified as in the balance sheet. Select one: a. assets b. equity O c. negative assets d. liabilities Assuming rising inventory prices, which statement is correct? Select one: a. FIFO reports a lower value for cost of sales than other methods. b. Using FIFO, it is not possible to calculate whether cost of sales/inventory is lower or higher than it would be if other assumptions about inventory valuation were made. C. FIFO reports a lower profit than other methods. d. FIFO reports a lower value for closing inventory than other methods