Reference no: EM132503766
Question 1 - Selected information for 2019 is: cost of goods sold, $4,000,000; average inventory, $2,000,000; net sales, $8,000,000; average receivables, $980,000; and net income, $700,000. Assuming a 360-day year, what was the inventory turnover ratio for 2019?
a) 2.5
b) 20
c) None of these
d) 2.0
e) 5
Question 2 - On the schedule of cost of goods manufactured:
a) beginning work-in-process plus direct materials used equals manufacturing costs
b) work-in-process will necessarily increase if total manufacturing costs increase
c) cost of goods manufactured equals value of goods transferred to finished goods
d) factory overhead plus beginning work-in-process equals manufacturing costs
e) none of these
Question 3 - Which costing method seems ideally suited to the production of homogenous products in continuous throughput?
a) activity-based costing
b) job order costing
c) process costing
d) absorption costing
e) none of these
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