Question Details

A successful grocery store would probably have 



1. A general rule to use in assessing the average collection period is
a. that it should not exceed 30 days.
b. it can be any length as long as the customer continues to buy merchandise.
c. that it should not greatly exceed the discount period.
d. that it should not greatly exceed the credit term period.
2. Inventory turnover is calculated by dividing
a. cost of goods sold by the ending inventory.
b. cost of goods sold by the beginning inventory.
c. cost of goods sold by the average inventory.
d. average inventory by cost of goods sold.
3. A company has an average inventory on hand of $40,000 and its average days in
inventory is 73 days. What is the cost of goods sold?
a. $200,000.
b. $2,920,000.
c. $400,000.
d. $1,460,000.
4. A successful grocery store would probably have 
a. a low inventory turnover.
b. a high inventory turnover.
c. zero profit margin.
d. low volume.
5. An aircraft company would most likely have
a. a high inventory turnover.
b. a low profit margin.
c. high volume.
d. a low inventory turnover.



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