Goods available for sale are $28,000; beginning inventory is $7,000; ending inventory is $15,000; and cost of goods sold is $9,000. The days-sales-in-inventory is closest to: (Round any intermediary calculations two decimal places, X.XX, and your final answer to the nearest day.)
A) 465.
B) 284.
C) 445.
D) 608.
C) 445.
Explanation: average inventory/(cogs/365). Ex: [($7,000 + $15,000) / 2] / ($9,000 / 365) = $11,000.00 / ($9,000 / 365) = 445
You might also like to view...
In the case of psychographic segmentation, data are obtained from secondary sources such as books and periodicals
Indicate whether the statement is true or false
A market can be defined as a group of people willing and able to buy a particular product or service
Indicate whether the statement is true or false
Which of the following statements is not true concerning assurance services?
A. Unlike audit and attestation engagements, an engagement to perform assurance services does not require the CPA to consider information reliability. B. Assurance services focus on improving the quality of information or its context, for decision makers. C. Auditing and attestation services can be viewed as subsets of assurance services since there is overlap in their objectives. D. The growth in assurance services has been driven by users' demands for those services.
Why did Congress establish favorable treatment for 1231 assets?
A. to help business owners replace assets which had declined in value B. to allow a larger deduction for losses C. to encourage the mobility of capital D. all of the above