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Minh

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  • Need help on 2 accounting questions,can anyone explain how you get the correct answer?

    You were one inventory turn “out of round” as compared with your industry standard, which is 5.3 turns, last year. How many days does this translate to (use 365 days for a calendar year)?

    -14 days

    -1 day

    -12 days

    -16 days

    If the industry standard in your business for Accounts Payable is 2%10/Net 30. You pay in 30 days, and your Materials Cost last year was $1,200,000. What annual amount are you not getting in discounts?

    -$120,000

    -$40,000

    -$4,000

    -$24,000

    1 AnswerOther - Business & Finance6 years ago