tion Completion Status: QUESTION 10 At the end of a reporting period, Gamble Corporation determines that its ending inventory has a cost of $300,000 an a net realizable value of $230,000. What would be the effect(s) of the adjustment to write down inventory to net realizable value? Decrease total assets. Decrease net income. Increase retained earnings. O Decrease total assets and net income. QUESTION 11 Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $150,000 and ends the year with $20.,000 of Inventory, Baker will report cost of goods sold equal to: $150,000. $158,000 $142,000 $170,000. QUESTION 12 Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000 What is ending inventory? $20.000. $30,000 $10,000 $50.000 QUESTION 23 MacBook Air