Sun Concepts sells and installs solar energy products. Information from the financial statements for the last two years revealed the following: Beginning InventoryEnding InventoryCost of Goods SoldYear 1$90,000 $130,000 $605,000 Year 2 130,000 110,000 720,000 The inventory turnover ratio in Year 1 was:
A. 5.50 times
B. 6.37 times
C. 4.84 times
D. 0.18 times
Answer: A
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________ refers to the price of one currency in terms of another
A) Tariff B) Exchange rate C) Duty D) National income
Markup pricing is used when a firm tries to determine the price at which it will break even or make the target return it is seeking
Indicate whether the statement is true or false
When an investor uses the equity method to account for investments in common stock, cash dividends received by the investor from the investee should be recorded as
a. an increase in the investment account. b. a deduction from the investment account. c. dividend revenue. d. a deduction from the investor's share of the investee's profits. e. None of these answer choices is correct.
Activity-based costing is a method of cost allocation that is useful for assigning ____ costs to products or services
A) direct materials B) direct labor C) overhead D) direct materials and direct labor