Cost of Goods Sold for 2017 Was $450,000 While Net

question 69

Multiple Choice

Cost of goods sold for 2017 was $450,000 while net sales amounted to $800,000.On January 1,2017,inventory was $200,000 while on December 31,2017,inventory was $250,000.Inventory turnover for 2017 was:

• A) 3.76
• B) 2.00
• C) 2.12
• D) 2.25

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Definitions:

Percentage Change

A mathematical calculation that represents the degree of change over time, expressed as a fraction of the original value.

Nominal GDP

The market value of all final goods and services produced within a country in a year, measured in current prices.

GDP Deflator

An appraisal method for the prices of all newly developed, domestically produced, consumable goods and services in an economy.

Real GDP

Real GDP measures the value of all final goods and services produced within a country in a given period of time, adjusted for inflation, providing a more accurate picture of an economy's size and how it's growing over time.