Use the Following Information for Questions

question 55

Multiple Choice

Use the following information for questions
The following information was available for Riley Limited at December 31, 2015:
-Riley's inventory turnover was

• A)5.0 times.
• B)6.0 times.
• C)7.5 times.
• D)9.0 times.

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Definitions:

Raw Materials Quantity Variance

The difference between the expected amount of raw materials required for production and the actual amount used.

Materials Price Variance

The difference between the actual cost of materials purchased and the standard cost, multiplied by the quantity of materials acquired.

July

The seventh month of the year in the Gregorian calendar, known for marking the midpoint of the calendar year.

Materials Price Variance

The difference between the actual cost of direct materials and the standard cost, multiplied by the actual quantity of materials used.