1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
timofeeve [1]
3 years ago
11

Wagon Department Store had net credit sales of $16,000,000 and cost of goods sold of $15,000,000 for the year. The average inven

tory for the year amounted to $2,000,000. Inventory turnover for the year is:
Business
1 answer:
miv72 [106K]3 years ago
8 0

Answer:

7.5 times

Explanation:

Inventory turnover = \frac{Cost \: of\: goods\: sold}{Average\: Inventory}

We have been provided that,

Cost of goods sold = $15,000,000

Average inventory for the year = $2,000,000

Therefore, Inventory Turnover ratio = \frac{15,000,000}{2,000,000}

= 7.5 times

It means on an average how many times the inventory is sold, and replaced during the period.

You might be interested in
Government can reallocate resources of an economy through taxes, ________ payments, and by providing direct services..
malfutka [58]

Answer:

B. transfer 

Explanation:

Transfer payment is when income is received and neither goods or services are exchanged.

Transfer payment is a form of reallocation of resources.

I hope my answer helps you

5 0
3 years ago
1 point
Amanda [17]

Answer:

1935

Explanation:

32,000-15,000 = 17,000

17,000 x 0.075 = $1275 (this is his commission)

1275 + 660 = $1935

$1935 is his gross income for the month

5 0
3 years ago
In two or more complete sentences, compare and contrast making a purchase with a debit card versus making a purchase with a cred
Vlad [161]

Answer:

When you pay with a credit card you use the bank's money that you have to pay back but with a debit card, you are using money straight out of your account. In the end, you are basically using your money just not in the form of paper.

Explanation:

When you pay with a credit card you use the bank's money that you have to pay back but with a debit card, you are using money straight out of your account. In the end, you are basically using your money just not in the form of paper.

3 0
2 years ago
The selected inventory costing method impacts:________
Alisiya [41]

Answer:

The correct option is a) Gross profit and ending inventory.

Explanation:

The inventory technique is a method of accounting for calculating the value of an inventory. The approach calculates the ending inventory balance by comparing the inventory cost to the merchandise price.

There are three methods for valuing inventory whic are FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost) (Weighted Average Cost). The gross profit and ending inventory are affected differently by each of these costing methods.

This implies that the selected inventory costing method impacts gross profit and ending inventory.

Therefore, the correct option is a) Gross profit and ending inventory.

4 0
3 years ago
What are the services that are rendered to the wholesalers by the retailers?​
irinina [24]
Economies of Large Scale 2. Facilitate Distribution of Goods 3. Warehousing and Marketing 4. Financial Assistance 5. Risk Bearer 6. Forecasting of Demand 7. Regulate Production 8. Stabilisation of Prices

9. Connecting Link 10. Transportation 11. Provides Market Information 12. Price Stability 13. Risk Bearing 14. Marketing Functions 15. Promotion of Goods 16. Demand Analysis and Forecasting 17. Help in Sales Organization
4 0
2 years ago
Other questions:
  • For each watch that Switzerland produces, it gives up the opportunity to make 50 pounds of chocolate. Germany can produce 1 watc
    13·1 answer
  • Lake Erie Company uses a plantwide overhead rate with machine hours as the allocation base. Next year, 600,000 units are expecte
    15·1 answer
  • Ending assets for CompuHelp equals $650,000, and the beginning retained earnings was $325,000. If net income during the period w
    13·1 answer
  • This year Maria works 1,200 hours as a computer consultant, 320 hours in a real estate development business, and 400 hours in re
    8·1 answer
  • Question 37Gray Company uses the periodic inventory system to account for inventories. Information related to Gray Company's inv
    12·1 answer
  • The North American Industry Classification System data can be used to__________.A. identify opportunities for new product lines.
    7·1 answer
  • Men and women should each establish a credit history. True or False?
    12·1 answer
  • This tutorial comprises of two sections. Answer all the questions.
    15·1 answer
  • all plans must cover at least the standard part d coverage or its actual equivalent which of the following
    12·1 answer
  • the 2-year discount factor is 0.92. what is the present value of $1 to be received in year 2? note: do not round intermediate ca
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!