Given the data, calculate the answer to the two questions that follow Cost or merchandise sold for the year $100 Inventory balance at the beginning of the year $20 Inventory balance at the end of the year $30 1. What is the inventory turnover ratio for the year? 2. What are the days sales in inventory? Given the data, and assuming a periodic inventory system, calculate the answers to the two questions that follow: Beginning inventory was comprised of 10 TV sets which cost $100 each Purchases for the period were 5 TV sets which cost $200 each During the period, 5 TVs were sold. 1. What is the cost of merchandise sold for the period assuming the FIFO method? 2. What is the cost of merchandise sold for the period assuming the LIFO method