Data from Gofman Corporation's Most Recent Balance Sheet Appear Below

question 168

Multiple Choice

Data from Gofman Corporation's most recent balance sheet appear below: Sales on account in Year 2 amounted to $1,300 and the cost of goods sold was $900.
-The average collection period for Year 2 is closest to:

• A) 0.9 days
• B) 39.3 days
• C) 36.5 days
• D) 1.2 days

Understand the concepts and calculations related to standard cost systems.

Analyze and compute direct materials variances, including price and quantity variances.

Analyze and compute direct labor variances, including rate and efficiency variances.

Identify and calculate variable manufacturing overhead variances, including rate and efficiency variances.

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