Suppose a company had the following inventory information: - Beginning Inventory: 90 units @ \$4.00 cost per unit - Purchases: 180 units @ $7.00 cost per unit If the company then sold 220 units, what would be the amount of ending inventory under the average cost method? $360 $300 $1,140 $480 When the selling price increases and the cost of goods sold remains the same, what else changes? The current ratio decreases The gross profit margin increases The operating expenses decrease The inventory turnover ratio increases Which of the following expectations is true for terms FOB shipping point? The buyer is responsible for paying shipping costs. The seller is responsible for the goods while in transit. The seller owns the inventory while in transit. The point of transfer is when the inventory arrives at the buyer. In the prior year, Orange Co. had an inventory turnover of 8 times. In the current year, the company's inventory turnover is 7.1 times. What does this indicate? Orange Co. is more profitable on their inventory. Orange Co.'s inventory turnover improved. Orange Co. may be carrying too high of an inventory balance. Orange Co. became more efficient at selling inventory