Cost of Goods Sold for 2017 Was $250,000 While Net

question 201

Multiple Choice

Cost of goods sold for 2017 was $250,000 while net sales amounted to $575,000.On January 1,2017,inventory was $150,000,and on December 31,2017,inventory was $175,000.Inventory turnover for 2017 was:

• A) 1.54
• B) 1.67
• C) 1.43
• D) 1.00

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Definitions:

Small-Scale Producers

Individuals or businesses engaged in the production of goods on a limited scale, often characterized by handcrafted or artisanal methods.

Dominant Class

Refers to the social group holding the most power, wealth, or influence within a society at a given time.

Livestock

Domesticated animals raised in an agricultural setting to produce commodities such as meat, milk, and wool.

Peons

Historically, laborers or workers in Latin America who were indebted to their employers, often working for little or no pay to pay off a debt.