The Following Information Was Available for Camara Company at December

question 214

Multiple Choice

The following information was available for Camara Company at December 31, 2014: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $560,000; and sales $800,000. Camara's inventory turnover in 2014 was

• A) 8.0 times.
• B) 6.7 times.
• C) 5.6 times.
• D) 4.7 times.

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Definitions:

Federal Funds

Overnight loans made between banks to meet reserve requirements, at an interest rate set by the Federal Reserve.

Political Speech

Expressions related to the government, politics, or public affairs, highly protected under the freedom of speech in many democratic societies.

First Amendment

an amendment to the U.S. Constitution that protects freedoms of speech, religion, press, assembly, and the right to petition the government.

Police Power

The inherent authority of a government to impose regulations to ensure the safety, health, welfare, and morals of the community.