Your fiRm Has Sales of $628,000 and Cost of Goods

question 344

Multiple Choice

Your firm has sales of $628,000 and cost of goods sold of $402,000. At the beginning of the year, your inventory was $31,000. At the end of the year, the inventory balance was $33,000. What is the
Inventory turnover rate?

• A) 11.23 times
• B) 12.56 times
• C) 18.60 times
• D) 19.63 times
• E) 29.06 times

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Definitions:

Yellow Dog Contract

An employment agreement where the worker agrees not to join a union as a condition of employment, now illegal in many countries.

Secondary Boycott

A protest tactic used by unions, targeting a business's dealings with another company, not directly involved in a labor dispute, to pressure the initial business.

Norris-LaGuardia Act

A 1932 United States federal law that limited the power of federal courts to issue injunctions against non-violent labor disputes.

Union Organizing

The process by which workers form or join a union to collectively bargain with their employer.