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Name: Pe 5. The classified balance sheet will subsection the assets as follows Current Assets and Property, Plant, and Equipment Current Assets and Short-Term Assets b. c. d. Other Assets and Property, Plant, and Equipment Current Assets and Other Assets The following lots of a particular comsmodity were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 10 units at $60 25 units at $65 30 units at $68 1S units at $75 There are 25 units of the commodity on hand at the end of the year What is the amount of the inventory at the end of the year using the average cost method? 6. a. $1,805 b. $3,705 C. $1,685 d. $1,575 7. What is the amount of the inventory at the end of the year using the FIFO periodic method? a S1,575 b. $1,80:5 c. $3,585 d. $1,685 s. If the revenues are correctly reported and the Gross Profit of a company is understated, what is the et Owner's Equity? a. Correctly Stated b. Overstated c. Understated d. None of the above 9. The accounting equation may be expressed as a. Assets = Revenues-Liabilities b. Assets Equities-Liabilities c. Assets - Liabilities Stockholders' Equity d. Assets + Liabilities- Stockholders' Equity 10. Current liabilities are those liabilities that a. are due to be paid in more than one year b. will be paid in less than one year c. are owed to the stockholders and will never be paid d. are due to be paid in 5 to 10 years