Compute the Average Days-in-Inventory for 2016: Sales Revenues for 2016 = $900,000 COGS for 2016 = $600,000 COGS for 2015 = $500,000 End Inventory for 2016 = $70,000 End inventory for 2015 = $30,000. Average Days-in-Inventory = 365 / Inventory Turnover Ratio Inventory Turnover Ratio = COGS / Avg Inventory Balance Show your answer as a Number Only, no decimals or other symbols and round to the nearest Day. Which one is True ? The Periodic Inventory System will update the Inventory Account after every Transaction The FIFO Inventory Costing Method assumes that the Ending Inventory Consists of the Oldest Units All of the Choices are True The LIFO Inventory Costing Method assumes that the cost of Goods Sold Consists of the Newest units The Perpetual Inventory System will update the Inventory Account only at the end of Each Accounting Period Which one is True ? Freight Charges are paid by the Seller when Terms are "FOB Shipping Point" Discounts Our Business gives to Customers will be recorded with a Credit to the Inventory Account "Terms" of "5/10" means a 5 percent discount is given if payment is made within 10 Days. All of the Choices are True Returns of Merchandise made by Our Business to a Supplier will be recorded with a Credit to the Sales Returns Account