The 2017 financial statements of Sito Company reported a beginning inventory of $80,000, an ending inventory of $120,000, and cost of goods sold of $700,000 for the year. Sito's inventory turnover for 2017 is 8.8 times. O 7.0 times. 5.8 times. 4.8 times. QUESTION 39 Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account increases the allowance for uncollectible accounts. has no effect on the allowance for uncollectible accounts. has no effect on net income. decreases net income. QUESTION 40 The following information applied to Howe, Inc. for 2020: Merchandise purchased for resale $410,000 Freight-in 8,000 Freight-out 5,000 Purchase returns 2,000 Howe's 2020 inventoriable cost was $410,000. $413,000. $416,000. $421,000