Fundamental Accounting Principles Study Set 5
Quiz 6: Inventories and Cost of Sales
A company's cost of goods sold was $15,500 and its average merchandise inventory was $4,500. Its inventory turnover equals 3.4.
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It can be expected that companies selling perishable goods have a higher inventory turnover than companies selling nonperishable goods.
Tops had cost of goods sold of $8,321 million and its ending inventory was $2,027 million. Therefore its days' sales in inventory equals 89 days.
One of the most important decisions in accounting for inventory is determining the unit costs assigned to inventory items.
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