Question

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Answer 1

Answer:

29) a. 2.31; b. 2.28

30) 200

31) $51.24

Step-by-step explanation:

29) Turns at cost:

... cost of goods/(average inventory at cost) = 44532.18/19278 = 2.31

Turns at retail:

... retail sales/(average inventory at retail) = 87305.76/38292 = 2.28

30) 6 months of 30 days plus 4 extra days in July, August, October, and December, plus the 16 days from the 2nd to the 18th is ...

... 6×30 +4 +16 = 200 . . . days

31) We assume the credit union computes ordinary interest, using 360 days in a year.

... I = Prt = $2170×0.10×(85/360) = $51.24