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Strike441 [17]
3 years ago
7

Sheffield Corporation had net credit sales of $14300000 and cost of goods sold of $9070000 for the year. The average inventory f

or the year amounted to $1814000. The inventory turnover for the year is__________.
Business
2 answers:
Art [367]3 years ago
6 0

Answer:

$5

Explanation:

Inventory turnover is the ratio of the cost of goods sold to the average inventory for the year. Mathematically,

Inventory turnover = cist of goods sold/Inventory for the year

Given cost of goods sold = $9070000

Inventory = $1814000

Inventory turnover = $9070000/$1814000

= $5

Mice21 [21]3 years ago
3 0

Answer:

5

Explanation:

Inventory turnover can be defined as the ratio of the number of time a company/firm/organization has sold and replaced its inventory during a given period of time.

Inventory turnover is calculated by dividing the cost of goods sold by the average inventory; i.e

Inventory turnover = <u>cost of goods sold</u>

                                      Avrg. Inventory

For the above question, the inventory turnover is calculated by using the formula above,

where,

cost of goods sold = $9070000

average inventory = $1814000

Inventory turnover = <u>$9070000</u>

                                $1814000

                             =    5.

The Inventory turnover for Sheffield corporation is 5.

that means  Sheffield corporation has sold and replaced its inventory 5 times.

Cheers.

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The chance of losing time, money, reputation, etc. is known as __________.
elena55 [62]
The answer to this question is: Risk
In most cases, something that give the potential reward of time, money, and reputation will also possess the risk of losing that same thing at the same degree. This principle will often used by investors to choose which portofolio that they want to pursue with their capital.

7 0
3 years ago
Triple Creek Hardware Store currently uses a periodic inventory system. Kevin Carlton, the owner, is considering the purchase of
marin [14]

Answer:

Will switching to a perpetual inventory system strengthen Triple Creek Hardware’s control over inventory items?

  • Yes, a perpetual inventory system provides updated information about inventory levels and costs. Since it is updated immediately, many of the company's problems could be solved, e.g. you can place an alert for minimum inventory levels on certain products and you can determine if the stocks of low sellers are too high.

Will switching to a perpetual inventory system eliminate the need for a physical inventory count?

  • It will not completely eliminate the need to carry out a physical inventory, but it should reduce it substantially. Also, you can carry out a random physical inventory for certain products only. If the physical count shows that there are problems with the registered inventory, then you can carry out a complete physical count.

3 0
3 years ago
Read 2 more answers
A corporation doing business in the state in which it is incorporated is considered to be a / an _____________ corporation. a. A
Annette [7]

Answer:

The correct answer is letter "B": Domestic.

Explanation:

Regardless of the type of entity, <em>Limited Liability Companies</em> (LLCs), <em>Limited Partnerships</em> (LPs), and <em>Limited Liability Partnerships</em> (LLPs), organizations that operate in the state where they were incorporated are called domestic. For example, if an LLP is formed in New York, the LLP will be considered a domestic entity within the state of New York.

8 0
3 years ago
Mongelli Family Inn is a bed and breakfast establishment in a converted 100-year-old mansion. The Inn's guests appreciate its go
White raven [17]

Answer:

total overhead costs = $7,793.90

Explanation:

the overall budget is missing, so I looked for a similar question:

  • Activity level 90 guests
  • Variable overhead costs:  
  • Supplies $234
  • Laundry 315
  • Fixed overhead costs:  
  • Utilities 220
  • Salaries and wages 4,290
  • Depreciation 2,680
  • Total overhead cost $7,739

the total budgeted overhead costs must include the variable overhead costs plus the fixed overhead costs:

variable overhead costs = [($234 + $315)/90] x 99 = $603.90

fixed overhead costs = $220 + $4,290 + $2,680 = $7,190

total overhead costs = $7,793.90

8 0
3 years ago
An investment firm rates bonds for Aard Co Inc. as "B ," while bonds of Deva Corp. are rated "AA." Which level of measurement wo
kolbaska11 [484]

Answer: C. Ordinal

Explanation:

Ordinal Data is a statistical method of measurement that is able to categorize variables as well as order them in a certain manner. Ordinal data however is unable to tell the scale of difference in the different variables.

The Investment Firm was able to categorize the different companies and it was as well able to order them with these classifications because as we know, "AA" will be higher than "B".

However we do not know just how different in quality these 2 bonds are because there is no measurement scale.

This is therefore an Ordinal level data.

7 0
3 years ago
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