Which of the Following Statements Is Not Correct

question 38

Multiple Choice

Which of the following statements is not correct?

• A) The gross profit percentage is calculated by dividing the gross profit for the year by the net sales for the year.
• B) The average inventory is calculated by adding the beginning inventory to the ending inventory and dividing the sum by 2.
• C) A current ratio of 3.5 to 1 means that a firm has $3.50 in current liabilities for every $1 of current assets.
• D) All of the above statements are correct.

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