18. During the current calendar year, Franco Corporation purchased $330,000 of inventory. The beginning inventory balance was $42,000, and the inventory balance at year-end was $60,000. The inventory turnover for the current year was A) 6.12 times B) 7.86 times C) 5.20 times D) 5.50 times 19. Which inventory cost flow assumption will provide the same amounts for ending inventory and cost of goods sold under both the periodic and perpetual inventory systems? A) FIFO B) LIFO C) Average cost D) NIFO 20. The following information was taken from the records of Kane Company for 2006: Beginning inventory Ending inventory Net credit sales Cost of goods sold Net income $ 54,000 60,000 576,000 324,000 45,000 Given this information, Kane's inventory turnover for 2006 is A) 10.11 B) 5.40 C) 5.68 D) 1.33