Choose the One Alternative That Best Completes the Statement or Answers

question 112

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-Joytown has a present population of 40,000 and the population is increasing by 2.5% each year. How long will it take for the population to double? Round your answer to the nearest year.

• A) 29 years
• B) 41 years
• C) 40 years
• D) 28 years

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Definitions:

Fiscal Year

A twelve-month period used for accounting purposes and preparing financial statements, which may differ from the calendar year.

FIFO Perpetual

A continuous inventory system where the cost of goods sold is calculated using the FIFO method, consistently updating the inventory and cost records after each transaction.

Total Sales

The sum of all revenue generated from the sale of goods or services over a specified period.

Gross Profit

A company's revenue minus its cost of goods sold, indicating how efficiently a company uses its resources in production.