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1. Your company sells $729,300 of goods during the year that have a cost of $528,600. Inventory was $31,083 at the beginning of the year and $35,338 at the end of the year. What is the inventory turnover ratio (rounded to one decimal place)? 15.9 times 22.0 times 17.0 times 6.0 times 2. Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? Product Line Cost per Unit Market Value per Unit Quantity Rustic $735 $795 260 Mediterranean 635 675 370 Contemporary 985 720 310 $30,400 $82,150 $36,150 $51,750 3. The Farley Corporation starts the year with a beginning inventory of 4,200 units at $5 per unit. The company purchases 6,200 units at $4 each in February and 3,200 units at $6 each in March. Farley sells 1,550 units during this quarter. Farley has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter? $6,200 $9,300 $7,750 $8,525 4. Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 28 $ 78 $ 2,184 March 28 Purchase 38 84 3,192 August 22 Purchase 56 88 4,928 October 14 Purchase 61 94 5,734 Goods Available for Sale 183 $ 16,038 The company sold 61 units on May 1 and 56 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. A) LIFO B)FIFO C)Weighted Average

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