How many times did Mavis Inc. sell its entire inventory during 2017? 10.4 times
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The income statement for Mavis Inc. showed $480,000 in Cost of Goods Sold for 2017. The balance sheet for Mavis Inc. showed Inventory for 2017: $46,000 and for 2016: $52,000. How many times did Mavis Inc. sell its entire inventory during 2017?
10.4 times
9.2 times
9.8 times
Cannot be determined from the given information
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- Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Kwestels records: Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.
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