Last Year, Able Company Had Sales of $10 Million, Cost

question 2

Multiple Choice

Last year, Able Company had Sales of $10 million, Cost of Goods Sold of $6 million, Gross Profit of $4 million and Net Profit of $1 million.Average inventory at cost was $2 million.Able's inventory turn rate was:

• A)5 times
• B)3 times
• C)2 times
• D).5 times

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Definitions:

Terminal Moraine

A moraine that forms at the farthest point reached by a glacier or ice sheet, marking its maximum advance.

Recessional Moraine

A ridge of debris deposited at the point of furthest retreat of a glacier or ice sheet.

Continental Ice Sheet

A vast expanse of ice covering a large portion of a continental area, often thousands of kilometers wide and extremely thick.

Teardrop-Shaped Hills

Elongated hills formed by the erosion of underlying soft rock covered by a harder rock cap, often found in arid climates.