Reference no: EM133016918
Questions -
Q1. Bonita, Inc. had a beginning inventory of $55,000 and an ending inventory of $25,000. Their cost of goods sold for the year was $170,000. What was Bonita's average inventory for the year?
-$25,000
-$85,000
-$40,000
-$55,000
Q2. Bonita, Inc. had a beginning inventory of $55,000 and an ending inventory of $25,000. Their cost of goods sold for the year was $170,000. What was Bonita's inventory turnover for the year?
-30.90x
-6.8x
-23.5x
-4.25x
Q3. Bonita, Inc. had a beginning inventory of $55,000 and an ending inventory of $25,000. Their cost of goods sold for the year was $170,000. Approximately how often did Bonita sell its entire inventory?
-every 47.10 days
-every 85.88 days
-every 53.68 days
-every 118.09 days
Q4. The average number of times a company's inventory is sold during an accounting period is the:
-Inventory turnover
-Collection Period
-Accounts receivable turnover
-Days' sales uncollected
-Current ratio