QUESTION 4 Given the following data for 20Y1, select the correctly calculated financial ratio. Accounts Receivable on 1/1/20Y1 $850.000 Accounts Receivable on 12/31/20Y1 $950,000 Inventory on 1/1/20Y1 $150,000 Inventory on 12/31/20Y1 $190,000 Net Credit Sales for 20Y1 $4,100,000 Cost of Goods Sold for 20Y1 $1,000,000 Inventory is held an average of 38 days before it is sold. The average collection period of accounts receivable is every 80 days. Accounts Receivable turns over 6 times per year. Inventory turns over 9.55 times per year. QUESTION 5 Which of the following statements regarding inventory is true? The customer keeps the merchandise when a purchase return is agreed upon A sale of goods shipped FOB Destination means that the buyer is responsible for the freight cost. A purchase return represents a deduction from the purchase price. The cost of freight is paid for by the seller when it is shipped FOB Shipping Point