The number of times during an operating period that the average dollars invested in merchandise inventory was theoretically sold out is called inventory turnover.
Indicate whether the statement is true or false
Q. 2Amado purchased the following: 15 mouse traps 1.25 per item, 18 light bulbs 3.50 per item and 3 Bird Feeders 19.75. The shipping charges were 52.00. What was the total invoice charge?
A) 141.00
B) 193.00
C) 24.50
D) 22.96
Q. 3The Novelty Shop had sales of 510,000 over the last year. The beginning inventory at retail was 209,000 and the ending inventory at retail was 179,000. The average inventory at retail is 194,000.
Indicate whether the statement is true or false
Q. 4Kiddie Kites buys Japanese kite kits with a list price of 6,500. If the supplier offers trade discounts of 30/15/15, find the trade discount amount to the nearest cent.
A) 4,200.25
B) 1,207.50
C) 3,212.63
D) 2,295.87
Q. 5The method of inventory estimation using a company's gross margin percent to estimate the ending inventory is called the net income method.
Indicate whether the statement is true or false
Q. 6Hard Blues Music buys CDs with a list price of 32,000. If the wholesaler offers trade discounts of 3/2/1, find the net price factor.
A) 0.35005
B) 0.65021
C) 0.94109
D) 0.52484
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