Days' Sales in Inventory Is Calculated by

question 201

Multiple Choice

Days' sales in inventory is calculated by

• A)Ending inventory divided by cost of goods sold times 365
• B)Dividing cost of goods sold by merchandise inventory
• C)Dividing merchandise inventory by cost of goods sold
• D)Cost of goods sold divided by ending inventory times 365
• E)Ending inventory divided by cost of goods sold

Comprehend when unilateral contracts are formed and how performance can signify acceptance.

Understand the application of the Uniform Commercial Code (UCC) to contracts for the sale of goods.

Know the scope and applicability of the United Nations Convention on Contracts for the International Sales of Goods (CISG).

Differentiate between express, implied, unilateral, and bilateral contracts through examples.

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Definitions:

Fixed Assets

Long-term tangible assets purchased for business use and not expected to be converted into cash in the short term, such as buildings, machinery, and equipment.

Dollar Amounts

A value or quantity expressed in terms of dollars, used to denote the price, cost, or value of something.

Flexible Budgeting

A budgeting process that adjusts to different levels of operation activities or volumes.

Direct Labor

The workforce directly involved in manufacturing products or providing services, whose costs are directly assignable to the goods or services produced.