Question Details

The inventory turnover ratio is computed by dividing the cost of goods 



True or false:
1.	The inventory turnover ratio is computed by dividing the cost of goods sold by the ending inventory on hand.

	2.	The average days to sell inventory represents the average number of days’ sales for which a company has inventory on hand.

	3.	Under IFRS, LIFO is permitted for financial reporting purposes if the company- host country permits it for tax purposes.

	4.	Under U.S. GAAP, if inventory is written down under lower-of-cost-or-market, it may not be written back up to its original cost in a subsequent period.

	5.	IFRS requires inventory to be written down below its original cost in some situations, but inventory cannot be written up above its original cost.

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