Question 6 When should revenue or sales be recognized? O when a product or service is delivered O when the bill is paid O when a contract is signed O when the invoice is sent out 1 pts Which statement best supports the idea that finance is as much an art as a science? O There are legal ways to make the books look better than they otherwise would. O The company sold what it sold, spent what it spent, earned what it earned. O You can't always trust the numbers. O You have limited data and you come as close as possible to an accurate description of how well the company is performing. Given the following information, calculate the influence of a 5% savings in material costs on net income. Current net income: $5,000,000 COGS: $57,000,000 Other costs (non-COGS): $28,000,000 Materials cost: 80% of COGS O $2,720,000 O $7,850,000 O $7,280,000 O $5,000,000