Joy Co.'s recorded inventory information for the month of August is as follows:

Beginning inventory 22 units at $15 each First purchase 25 units at $18 each Second purchase 21 units at $20 each Sales 48 units Determine the total cost of ending inventory according to (a) the FIFO method and (b) the LIFO method.

If sales is $1,000,000, cost of goods sold is $750,000, and average inventory is $220,000, what is the inventory turnover?

a. 4.5

b. 1.3

c. 1.1

d. 3.4

Accumulated depreciation is a(n) _____.

a. accrued expense

b. revenue expenditure

c. contingent asset

d. contra asset