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
PolarNik [594]
3 years ago
15

At the beginning of the year, American International had inventory worth $325,500 at cost. At the end of the year, the cost valu

e of the inventory was $540,250. If annual cost of goods sold was $1,978,250 find the inventory turnover at cost for the year. (Round your answer to the nearest tenth) Group of answer choices
Business
1 answer:
Lesechka [4]3 years ago
8 0

Answer:

Inventory turnover= 4.57

Explanation:

<u>To calculate the inventory turnover, we need to use the following formula:</u>

Inventory turnover= Cost of goods sold/ average inventory

Average inventory= (beginning inventory + ending inventory) / 2

Average inventory= (325,500 + 540,250) / 2

Average inventory= 432,875

Inventory turnover= 1,978,250 / 432,875

Inventory turnover= 4.57

You might be interested in
Assuming that the physical output (i.e., the actual quantity of all final goods and services) of all final goods and services re
joja [24]

Answer:

a) true

Explanation:

A rise in the general price level is called inflation and it affects the nominal value of the company's output. E.g. you sell pants and last year they sold at $10 and now since inflation rate is 10%, they sell at $11. But inflation only affects nominal values, it doesn't affect real values which are calculated using a base price of a certain year X, times the quantity sold. Following the example, your real output would not be $11 per pair of pants, instead it would still remain at $10 since the inflation is discounted.

5 0
3 years ago
Heya, guys! I got banned yesterday, but now I'm back! It's good to be back, hahahaha!
erastovalidia [21]
The answer is 72 lol
6 0
3 years ago
Read 2 more answers
A study has been conducted to determine if one of the departments in MSU Company should be discontinued. The contribution margin
SOVA2 [1]

Answer:

c. decrease by $10,000 per year.

Explanation:

The contributing margin of a business is sales revenue less the variable cost to produce the product

Contributing margin refers to the profit that is free to be used by the business to pay fixed costs and reserve as net profit.

In this scenario if the department is discounted the fixed expense will reduce by $40,000

This implies that the net income will increase by $40,000 if the department is discontinued.

If the department is discontinued income from the department will reduce by $50,000. That is -$50,000

Net income= -50,000 + 40,000= -$10,000

4 0
3 years ago
Identify the item below that is accurate regarding preparer retention of records.a. The preparer must make the copy or record of
AveGali [126]

Answer:

D. all of the above

Explanation:

a. The preparer must make the copy or record of returns and claims for refund and record of the individuals required to sign available for inspection upon request by the commissioner.

b. The preparer must retain a completed copy of each return or claim for refund prepared or retain a record by list, card file, or otherwise, of information, as required by regulation, about each return prepared.

c. The preparer must retain information about the preparer of each return presented to a taxpayer for signature. This information may be retained via retention of a copy of the return or claim for refund, maintenance of a list or card file, or otherwise.

7 0
3 years ago
Colorado Real Estate Commission Rule E-4 and E-5 give direction about retaining the needed contracts after closing a transaction
lana [24]

Answer:

According to Colorado Real Estate Commission Rule E-4 and E-5, copies that are exceptions to the rule include; notes, mortgages, deeds and trust deeds.

Furthermore, settlement sheets, listings, and any other document that it is required for the parties to impend their signatures, have to be retained for a period of four years even after closing a transaction or a contract.

Explanation:

3 0
3 years ago
Other questions:
  • The use of evidence such as the paper trail across the Willow Lane lawn could link a person to the crime and even explain the ca
    11·2 answers
  • Reasons why estimating time and cost are important include all of the following EXCEPT:_________
    11·1 answer
  • You are a team of 3 equal share-partners. You have raised $500,000 at a $1 million valuation. How much of your equity have you g
    10·1 answer
  • Economic activities whose location does not rely on factors such as the location of raw materials, transportation costs, and lar
    7·1 answer
  • Herring Corporation has operating income of $265,000 and a 25% tax rate. The firm has short-term debt of $110,000, long-term deb
    13·1 answer
  • All vehicles must yield the_______of way to avoid collision.
    5·2 answers
  • The first step in the process of creating a marketing plan is to
    6·1 answer
  • Purchasing power parity (PPP): a. almost never holds completely. b. is as commonly accepted as the law of demand. c. is a reason
    11·1 answer
  • Which of the following accounts allows full access to the system, while accessing other systems on the network? Local Admin acco
    14·1 answer
  • During market testing, Rembrandt Cosmetics realized that the cosmetics industry was dominated by multiple, well-established bran
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!