Question Completion Status: QUESTION 1 points Save Answe A company has net sales of $752,000 and cost of goods sold of $543,000, Its net income is $17,530. The company's gross margin and operating expenses, respectively, are: $209,000 and $191,470. $734,000 and $191,470. $227,000 and $525,470. $525,470 and $227,000, $191,470 and $209.000. QUESTION 2 5 points Save Answen Assuming items in inventory were purchased at different prices, the inventory cost method used affects net income. True OFalse QUESTION 3 5 points Save Answer Successful use of a just-in-time inventory system can narrow the gap between the acid-test and the current ratio. OTrue False 5 points Save Anseer QUESTION 4 Inventory Returns Estimated, which reflects an adjustment to inventory for expected future returns, is a liablity account reported in the balance sheet, usually under Current Liabilities. True False Save and Submt Save All Answers