- The days' sales in accounts receivable ratio measure how long it takes for a company to collect its accounts receivable. True-False

- When using a perpetual inventory recording system, a company will debit inventory and credit cost of goods sold every time a sale takes place. True-False

- When prices are rising, LIFO will result in the lowest net income. True-False

- Inventory turnover is calculated by dividing sales revenue by average inventory and multiplying by 365 days in a year. TRUE-FALSE

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