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ACC 240 Fundamental of Accounting Exam Review Questions & Answers 2024/2025 Graded A+ (GCU) For Year 2, sales were $1,000,000, and cost of goods sold was $500,000. Inventories amounted to $100,000 at the end of Year 1 and $140,000 at the end of Year 2. The days' sales in inventory for Year 2 (rounded to one decimal) was: - ANS-- $140,000 / ($500,000 / 365) = 102.2 days Which statements are true regarding the price/earning (P/E) ratio? - ANS---Low P/E ratios usually indicate poor earni...