Spomer Corporation's Inventory at the End of Year 2 Was

question 201

Multiple Choice

Spomer Corporation's inventory at the end of Year 2 was $114,000 and its inventory at the end of Year 1 was $120,000. Cost of goods sold amounted to $710,000 in Year 2. The company's inventory turnover for Year 2 is closest to:

• A) 5.92
• B) 1.05
• C) 6.07
• D) 6.23

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Definitions:

Independent Samples

Sets of data collected from two groups where the subjects in one group have no relation to the subjects in the other.

Total Variation

The overall measure of the spread or dispersion within a set of data points or observations.

Sum of Squares

The total squared deviation of each observation from the mean, a measure of total variation within a dataset.

Unexplained

Refers to the portion of variance in a set of data that cannot be accounted for by the predictive variables in a statistical model.