The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending...

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The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,85

AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Pu

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Answer 1

Answer #1

1. Inventory Turnover = Cost of Goods Sold/Average inventory

= 1,850,000/[(440,000+475,000)/2]

= 4.04 times

Option D is the answer

.

2. Ending inventory under Fifo

= (500*16) + (750-500)*15

= 11,750

Option C is the answer

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Answer 2

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