The Bondi Tourist Shop Has an Average Inventory Level of $535

question 41

Multiple Choice

The Bondi Tourist Shop has an average inventory level of $535 000.If the cost of goods sold for the year are $3 150 000 what is the inventory turnover ratio?

• A)4.66
• B)5.89
• C)8.68
• D)5.75
• E)6.46

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Definitions:

Foreign Exchange Market

The market where one country’s currency is traded for another’s.

Spot Exchange Rate

The exchange rate on a spot trade.

Forward Exchange Rate

The agreed-on exchange rate to be used in a forward trade.

Premium

The amount paid for a contract or policy over and above its nominal value or for a product above its market price due to special features or quality.