the mount for which the i ve of depreciation h hatan tahtimod mount The c C l ue of the asset ning sehat life of the asse Tangible set to the periods in which its use contributes B) Testimate the cute estimate the remaining sem D) To allocate the cost of atang to earning revenue 20) 20) Lauer Corporation uses the period information about one of its laptop comput rodie inventory system and has provided the following Date Transaction 1/1 Number of Units 100 200 Cost per Unit $800 $900 $1,000 $1,100 300 5/5 8/10 10/15 Purchase Purchase Purchase 200 During the year, Lauer sold 750 laptop computers. hat was cost of goods sold using the LIFO cost flow assumption A) $740,000. B) $720,000. D) $725,000. C) $735,000. sumption during a period of rising costs, which of the 21) Under the FIFO cost flow assumption during a period of following is false? A) Ending inventory will be lower under FIFO than under LIFO. B) Cost of goods sold will be lower under FIFO than under LIFO. C) Net income will be higher under FIFO than under LIFO. D) Income tax expense will be higher under FIFO than under Lir. A $25,000 overstatement of the 2016 ending inventory was discovered after the Tinancial statements for 2016 were prepared. Which of the following describes the effect of the inventory error on the 2016 financial statements? A) Current assets were understated and net income was understated. |B) Current assets were overstated and net income was understated. C) Current assets were overstated and net income was overstated. D) Current assets were understated and net income was overstated