Question 9 (5 points) The following information is taken from a company's records. Applying the lower-of- cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? Inventory Qty Cost per unit Market value per unit Item 1 15 25 24 Item 2 30 32 30 Item 3 20 9 11 Your Answer: Answer Question 10 (5 points) Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit Sales - $895,000 for 2018 and $1,000,000 for 2019. Accounts Receivable - $100,000 for 2018 and $113,000 for 2019. Allowance for Doubtful Accounts - $6,000 for 2018 and 7,500 for 2019 Calculate the accounts receivable turnover ratio to one decimal place. Your Answer: