MC Qu.13-52 Inventory turnover is calculated by... Inventory tumover is calculated by 2 points Multiple Choice adding beginning Inventory to ending Inventory and dividing by 2 eBook Ask dividing average Inventory by cost of goods sold. Print dividing cost of goods sold by average Inventory References dividing average inventory by the ending Inventory Prev 1 of 10 HI Nme Mc Graw ext O Type here to search Mc Qu.13-70 For the current fiscal year, Purchases... 2 For the current fiscal year, Purchases were $680,000, Purchase Returns and Allowances were $21,640, Purchase Discounts were $5,800 and Freight In was $41,500. If the beginning merchandise inventory was $240,000 and the ending merchandise Inventory was $215,000, the Cost of Goods Sold Is 2. points Multiple Choice eBook $501,060 Ask Print $476.060 References $719,060 $636.060 Next Prey 2 of 10 l @rP ^ d, E O Type here to search 37 Use the flit g account balances from the - MC Qu 4 Ube the following account belances from the adjusted tial balance columes of Goody Chocolate's worksheet to anower below queation 24,eee Sales Discounts 12,000 1,580 Incone Sunrary Using the adjuted trial belance above select the comect closing entery that Goody Chocolate wouid make to ciose thetr revenue accounts (and other temporany income statement Sales bisc a. Goody, Capital 26, 000