1. In what type of system is inventory system is usually updated at the end of the period and does not track every transaction? a. Dynamic Inventory System b. Perpetual Inventory System c. Periodic Inventory System d. Specific Identification Inventory System 2. A system during falling costs will give you higher net income and a system will report inventory on the balance sheet closer to replacement costs. a. FIFO, FIFO b. LIFO, FIFO c. FIFO, LIFO d. LIFO, LIFO 3. Calculate COGS and Ending Inventory using a periodis LIFO inventory cost flow system: 1 of Uncat per un 2018 Beginning inventor 400 30 12.2013 Purchase 200 2013 100 Panchas 200 Cost of Goods Sold: Ending Inventory Balance: Access Walgreen's (Ticker: WBA) most recent 10-k to answer the following questions: 4. What is Walgreens Inventory Turnover Ratio for the most recent period? 5. How many days on average does it take Walgreens to sell inventory? 6. What inventory system does Walgreens use to value their inventory? (Hint: Check the notes to the financial statements) Access Apple's most recent 10-k to answer the following questions: 7. What is Apple's Inventory Tumover Ratio for the most recent period? 8. How many days on average does it take Apple to sell inventory? 9. What inventory system does Apple use to value their inventory? (Hint: Check the notes to the financial statements) 10. Compare Apple and Walgreen's Inventory Turnover Ratios. Who is turning over inventory quicker? Why do you think that is