Answer: 11.42 times
Explanation:
Inventory Turnover = Cost of Goods Sold / Average inventory
Where,
Cost of goods sold = 4,000 quarter-pound hamburgers each week x $1.00 a pound
COGS = $4,000 per week
Average Inventory = 350 pounds of hamburger
Inventory Turnover = 4000 / 350 = 11.42 times
Both Smith and Ricardo believed that, in a competitive market, product prices reflect "the cost of labor necessary to produce the products".
<u>Answer:</u> Option D
<u>Explanation:</u>
When there are a lot of manufacturers competing to provide the goods and services required for consumers, this is understood as "a competitive market". No single producer or customer can specify the market within a competitive market. It shares five traits: gain, diminishability, rivalry, exclusion, and rejectability. The wheat market is often drawn as an instance of a competitive market, as there are many manufacturers, and by increasing or decreasing its output, no single producer can impact the market price.
the amount transferred from the retained earnings account to the paid-in capital accounts as a result of the stock dividend.
