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ms/d/e/1FAIpQLSeznHIM6ZCPSbr MbeJF7EB1GOGKRjn4nR-3hFwEJ2xn4RhstQ/formRespons 18. The merchandise turnover ratio is calculated by dividing average merchandise inventory by cost of goods sold. True False 19. The inventory cost flow assumption that assigns the highest cost to cost of goods sold in a period of rising prices is FIFO. True O False 20. Toys 'R' had cost of goods sold of $6.900 million. Its ending inventory was $2.000 million. Therefore, its days' sales in inventory was 90 days. True False 21. Liquidity measures how easily assets can be converted to another asset or be umed to pay for services or obligations L