Under U. S. GAAP, liabilities payable within one year can be excluded from current liabilities only if: Multiple Choice The business intends to refinance the obligations on a long-term basis. The business has the demonstrated ability to refinance the obligations on a long-term basis. The business has the intent and the ability to refinance the obligation on a long-term basis. Liabilities payable within one year always must be classified as current liabilities.

Kinc. has provided the following data for the month of may: inventories: beginning ending work in process $ 17,000 $ 12,000 finished goods $ 46,000 $ 50,000 additional information: direct materials $ 57,000 direct labor cost $ 87,000 manufacturing overhead cost incurred $ 63,000 manufacturing overhead cost applied to work in process $ 61,000 any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. the adjusted cost of goods sold that appears on the income statement for may is: