Thelower-of-cost-or-marketrulerequiresacompanytoreportinventoriesatthelowerof:
A. historicalcostorcurrentsalesprice.
B. historicalcostorcurrentreplacementcost.
C. currentreplacementcostorsalesinvoiceprice.
D. FIFOcostorLIFOcost.
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Thegrossprofitpercentage:
A. ismarkupstatedasapercentageofcost.
B. isalsoknownasthegrossmarginpercentage.
C. willincreaseifacompanyisexperiencingfinancialdifficulty.
D. fluctuatessignificantlyformostcompaniesfromyeartoyear.
Theinventoryturnoverratio:
A. isdeterminedbydividingcostofgoodssoldbynetsales.
B. showshowmanytimesthecompanysolditsaveragelevelofinventory.
C. shouldbehighforacompanythatsellshigh-pricedinventoryitems.
D. willbelowerforcompaniesthathavemanylow-priceditemsintheirinventory.
Thegrossprofitrateiscalculatedas:
A. costofgoodssolddividedbynetsalesrevenue.
B. netsalesrevenueminusgrossprofitonsales.
C. netsalesrevenueminuscostofgoodssold.
D. grossprofitdividedbynetsalesrevenue.
Maybell Inc., has the following items for the month of July:Inventory turnover is:
A. 4.26.
B. 4.60.
C. 7.02.
D. 3.96.
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