The Following Information Was Available for Paul Company at December

question 160

Multiple Choice

The following information was available for Paul Company at December 31 2016: beginning inventory $90000; ending inventory $70000; cost of goods sold $968000; and sales $1360000. Paul's inventory turnover in 2016 was

• A) 10.8 times.
• B) 12.1 times.
• C) 13.8 times.
• D) 17.0 times.

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Definitions:

Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.

Mores

are the accepted traditional customs, moral attitudes, or manners of a particular social group, which guide behaviors and can distinguish right from wrong.

Taboos

Culturally forbidden practices or norms that are considered unacceptable or prohibited in society.

Crescive Norms

Unwritten, societal rules and conventions that emerge gradually and dictate appropriate behaviors in various situations.