1. Under the perpetual inventory system, which of the following accounts would not be used? a. Sales Revenue b. Inventory c. Purchases d. Cost of Goods Sold

2. In times of rising prices, which method of assigning costs to COGS will generally generate the largest net income for a business? a. Perpetual. b. Average cost. c. FIFO. d. LIFO.

3. During Year 1, Pinstripes, Inc. purchased $2,200,000 of inventory. The cost of goods sold for Year 1 was $1,800,000. The ending inventory on December 31, YR 1, was $400,000 and the beginning inventory was zero. What was the inventory turnover for YR 1? a. 4.0. b. 5.0. c. 6.0. d. 8.0. e. 9.0.