The following information applies to the City View Restaurant. May 1 Food inventory value $73,480 May 31 food inventory value $77,550 Cost of food used during May $386,410 1. What is the inventory turnover rate for food products in the City View Restaurant? 2. What does the answer (inventory turnover ratio) mean? Shows how many times a company’s inventory is sold and replaced over a period of time. Problem 2 What is the total inventory value for the products posted in the text? Problem 3 Complete the perpetual inventory form in the text. What is the total number of units available on 1/15?