The following cost information relates to the finished goods of Emerald Co Cost of...
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The following cost information relates to the finished goods of Emerald Co Cost of materials = $300,000 Costs to process into finished product = $200,000 What would be the carrying value of the finished goods inventory if the market value of the goods is $600,000? O $300,000 $600.000 O $200,000 O $500,000 Question 10 1 pts Violet Co had net income of $2,000,000 for 2020. After issuing its financial statements, Violet realized that it had failed to include inventory from one of its small warehouses for two years. Specifically, it forgot to include $40,000 on December 31, 2019 and $60,000 on December 31, 2020. Which of the following is TRUE regarding Violet's 2019 net income? O Net income was understated by $60,000. Net income was understated by $20,000. Net income was overstated by $60,000. Net income was overstated by $20,000
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