U Question 14 2 pts FIFA Company has inventory with original cost of $450. The inventory would cost $420 if FIFA purchased it today. The company expects to sell the inventory for $600 after spending $30 to fix some scratches on it. What is the net realizable value of the inventory? O $450 $420 O S600 S570 O $390 Question 13 One reason an inventory's NRV value may decrease is technological innovation True O False Question 12 2 pts Kites Inc, placed an order for inventory on December 24. Year Onc. Inventory was shipped from the supplier on December 26, Year One and arrived at Kites' warehouse on January 3, Year Two The terms of the shipment were FOB shipping point. The company uses a periodic system, and the inventory was not included in the end of the year count. Kites accountant recorded the purchases by debiting purchases and crediting accounts payable on January 3, Year Two. Which of the following is true of Kites financial statements? Liabilities for Year One are understated, Purchases for Year One are overstated. O Retained earnings for Year Two are understated. Net income for Year Two is understated. O Ending inventory for Year One is overstated