Inventory turnover is calculated by
A. dividing average inventory by cost of goods sold.
B. dividing average inventory by the ending inventory.
C. dividing cost of goods sold by average inventory.
D. adding beginning inventory to ending inventory and dividing by 2.
Answer: C
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Answer the following statements true (T) or false (F)
1.According to the cost-based definition of dumping, dumping begins to occur when a firm sells a product at a price that is less than average variable cost.
2.If the Japanese demand for computers is elastic and the Canadian demand for computers is inelastic, a profit-maximizing firm would charge a higher price to Canadian buyers than to Japanese buyers.
3.If the Australian government imposes a domestic content requirement of 75 percent on autos, at least 25 percent of an auto's value must be produced in a foreign country if that auto is to be sold in Australia.
4.During the 1980s, the U.S. government imposed sugar import quotas in an attempt to reduce its costs of maintaining price supports for U.S. sugar growers.
5.Consider Figure 5.5. With free trade, Mexicans produce 4 TVs, consume 24 TVs, and import 20 TVs.
The COSO internal control framework includes
a. monitoring b. information and communication c. both a. and b. d. none of the above
Standards for state and local governments are established by the
a. IRS. b. IASB. c. GASB. d. AICPA.
Sandra is a production manager at a soda manufacturing and bottling plant. One of her duties is to create a monthly inventory report based on the list of material received from the supplier on delivery. Sandra's report for the previous month, however, turned out to be invalid as the supplier provided an erroneous list. In this scenario, her report cannot be considered good information as it was lacking in ________.
A. method B. accuracy C. quantity D. content E. effectiveness