2.Award: 10.00 points The following is information for Palmer Co. 2017 2016 2015 S 548,825 331,650 296,300 Cost of goods sold Ending inventory 105,900 6.250 101,000 Use the above information to compute inventory turnover for 2017 and 2016, and its days' sales in inventory at December 31, 2017 and 2016 (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory at December 31, 2016 Numerator Denominator Ratio Inventory turnover Days' sales in inventory (b) Use the above information to compute inventory turnover for 2017, and its days' sales in inventory at December 31, 2017. Numerator Denominator Ratio Inventory turnover Days' sales in inventory Award: 10.00 points A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units. Ending inventory at January 31 totals 140 units. Units Unit Cost 290 $ 2.70 2.90 3.04 Beginning inventory on January 1 Purchase on January 9 70 100 Purchase on January 25 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance #of units #of .nns Cost per units Cost per unit Cost of Goods! Sold Cost per Inventory Date # of units unit unit Balance sold January 1 January 9 $ 0.00 January 295 January 26 Totals 4. Award: 10.00 points A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 270 units. Ending inventory at January 31 totals 130 units Beginning inventory on January1 Purchase on January 9 Purchase on January 25 Units Unit Cost 240 $220 2.40 2.54 60 100 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO Goods purchased Cost of Goods Sold Inventory Balance #of units #of Cost per units Cost per Cost of Goods | Cost per Inventory Balance # of units Date January 1 January 9 unit unit Sold unit sold 0 January 25 January 26 Totals