Minnetonka,Inc.is a merchandiser of stone ornaments.The company sold 15,600 units during the year.The company has provided the following information:
What is the unit cost per item sold? (Round your answer to the nearest cent. )
Definitions:
Net Operating Income
The total profit of a company after operating expenses are subtracted from gross income.
Residual Income
The income that remains after subtracting all required costs of capital from operating income.
Average Operating Assets
The average value of the assets used in the normal operation of a business to generate revenue, calculated typically over a fiscal year.
Net Operating Income
A measure of a company's profitability by subtracting operating expenses from its operating revenues.
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