Chodron Corporation Had Net Credit Sales of $13,000,000 and Cost

question 243

Multiple Choice

Chodron Corporation had net credit sales of $13,000,000 and cost of goods sold of $9,250,000 for the year. The average inventory for the year amounted to $1,250,000. The inventory turnover for the year is

• A) 7.4 times.
• B) 10.4 times.
• C) 3.0 times.
• D) 1.4 times.

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Definitions:

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work alone.

Triangular Model of Love

A theory proposed by psychologist Robert Sternberg that describes love in terms of three components: intimacy, passion, and commitment.

Intimacy

The close, familiar, and usually affectionate or loving personal relationship with another person or group.