22. Benz Inc. shows the following account balances for last month: Freight In Freight Out Purchases Purchase Discounts Sales Returns and Allowances The cost of goods purchased for last month is (a) $25,875 (b) $27,375 (c) $29,875 (d) $30.500. s 1,875 2,500 28,000 2,500 4,000 23. Under a periodic (a) Merchandise Inventory account. (b) Cost of Goods Sold account (c) Purchases account (d) Accounts Payable account. inventory system, purchase of merchandise is debited to the 24. In a periodic inventory system, the cost of goods sold is determined (a) at the beginning of the accounting period. (b) after each sale. (c) after each purchase. (d) at the end of the accounting period. 25. In order to determine cost of goods sold in a periodic inventory system we (a) add purchases to beginning inventory (b) subtract ending inventory from beginning inventory (e) subtract ending inventory from cost of goods available for sale. (d) subtract purchases from ending inventory Use the following information for questions 100-101. Use the following information to answer questions 26-27 The following information was available for Riley Limited at December 31. 2015: Beginning inventory Ending inventory Cost of goods sold Net sale.. S 120,000 150,000 810,000 1.400,000 26. Riley's inventory turnover was (a) 5.0 times. (b) 6.0 times. (c) 7.5 times. (d) 9.0 times. 27. Riley's days in inventory was (a) 40.6 days. (b) 48.7 days. (c) 60.8 days. (d) 73.0 days. 28. The lower of cost and net realizable value basis of valuing inventories ensures that inventories are (a) valued at their current cost. (b) valued at their selling price. (c) not under-valued. (d) not over-valued