7. The difference between the conventional and cost retail inventory methods is:

Purchase returns are not accounted for under the cost method

Shipping costs are not accounted for under the conventional method

Markups are accounted for as part of goods available for sale under the conventional method, but not the cost method

Markdowns are accounted for as part of goods available for sale under the cost method, but not the conventional method

8.

Company Z had the following information: beginning inventory $10,000, purchases $55,000, ending inventory $5,300, beginning accounts receivables $74,000, and ending accounts receivable $76,000. What is the companys inventory turnover ratio?

31.49

13.96

11.26

7.80