Q1.XYZ Company uses a pcriodic inventory system. beginning balance of inventory and the purchases made by XYZ The during the month of July are given below: $47.400 The XYZ Company sold 1,400 units during the month of July. Required: Compute inventory on 31st July and cost of goods sold for the month of July using FIFO inventory costing method: 3 marks) Answer to Q1 Q2. ALPHA Company reported the following year-end information ash counts payable ther Instructions: I- Explain the purpose of the acid-test ratio. (1 mark) 2- Calculate the acid-test ratio for ALPHA Company. (2 marks)