Seminole Company began year 2017 with 23,000 units of product in its January 1 inventory costing $15 each. It made successive pu
rchases of its product in year 2017 as follows. The company uses a periodic inventory system. On December 31, 2017, a physical count reveals that 40,000 units of its product remain in inventory.
1 answer:
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Answer:
return on assets = 20%
Explanation:
given data
net income = $900
beginning total assets = $4600
ending total assets = $4400
solution
we get here return on assets that is express as
return on assets = × 100 ............1
here average assets will be
average assets =
average assets = $4500
put here value we get
return on assets = × 100
return on assets = 20%