Speedy Has Net Income of $18,955,and Assets at the Beginning

question 102

Multiple Choice

Speedy has net income of $18,955,and assets at the beginning of the year of $200,000.Assets at the end of the year total $246,000.Compute its return on assets.

• A)7.7%.
• B)8.5%.
• C)9.5%.
• D)11.8%.
• E)13.0%.

---

Definitions:

Job Cost Cards

Documents used to record and track the costs associated with a specific job or project, aiding in the calculation of profitability and efficiency.

Equivalent Units

A concept used in cost accounting to express the amount of work done by incomplete units in terms of complete units of output.

First-In, First-Out

An inventory valuation method that assumes goods are sold in the order they are acquired, so older inventory is used up first.

Cost Of Production Report

A detailed report summarizing the total costs involved in manufacturing a product, including material, labor, and overhead costs.