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8. The Following Information was available for the year ended 12/31/2019 Net Sales Cost of...

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8. The Following Information was available for the year ended 12/31/2019 Net Sales Cost of Goods Sold Average Accounts Receivable for year Accounts Receivable at year-end Average Inventory for year Inventory at end of year 958,230,00 651.525.00 43,050.00 28.875.00 195,300.00 166,005.00 Required: Answer the following questions, show work, and round to 2 decimal places a. What is the Inventory Turnover for the Year b. What's the number of Days' Sales in Inventory for 2019 using year-end Inventories? c. What's the Accounts Receivable Turnover for 2019? d. What's the Average Collection Period on Accounts Receivable? 9. An Accrual is where a firm pre-pays for an Asset and expenses over time? a. True b. False 10. Firms that use the LIFO Inventory Cost Flow Method: a. Will have lower Cost of Goods Sold b. Will have higher Net Income c. Will pay less taxes in the current year d. Will have more supplies during the lockdown

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