Selected information from the accounting records of Monroe Manufacturing Company follows: Net sales ............................................ $3,600,000 Cost of goods sold ................................... 2,400,000 Inventories at January 1 ............................. 672,000 Inventories at December 31 ........................... 576,000 What is the number of days' sales in average
inventories for the year?
a. 102.2
b. 94.9
c. 87.6
d. 68.1
B
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A student is defending a certain depreciation method. She uses the argument that repairs and maintenance costs will probably increase as the asset gets older. She also argues that the asset will produce less as it gets older. What depreciation method is she probably defending?
A) straight-line method B) sum-of-the-years'-digits method C) sinking-fund method D) activity method
The perpetual inventory system
A) reduces the amount of clerical work. B) eliminates the need for a physical count of the inventory. C) keeps a continuous record of the quantity of inventory items. D) All of these choices.
Which source of intergroup conflict relates to a perception of one group being mistreated by another?
a. Economic differences b. Beliefs c. Past injustice d. Egocentrism
The following information relates to Musk Corporation: Inventory conversion period 15 days Average inventory $28,000 Average accounts payable $25,000 What is Musk's cost of goods sold during the year? In your computations, assume there are 360 days in a year.
A. $550,000 B. $420,000 C. $750,000 D. $672,000 E. $580,008