Multiple Choice
Which of the following Excel functions can be used in cell G8 to compute the total revenue if the revenue amounts are listed in cells G2 through G7?
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4. Merchandising Operations
Net Sales
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Which of the following terms refers to the average time between completion of successive units in a production process?
A
Inventory turnover
B
Gross margin
C
Net sales period
D
Cycle time
Verified step by step guidance1
Understand the term 'Cycle time': Cycle time refers to the average time it takes to complete one unit of production from start to finish in a production process.
Compare 'Cycle time' with other terms: Inventory turnover measures how often inventory is sold and replaced over a period, gross margin represents the difference between sales revenue and cost of goods sold, and net sales period is not a standard accounting term.
Recognize that 'Cycle time' is specifically related to production processes and timing, making it distinct from financial metrics like inventory turnover or gross margin.
Identify the context of the question: Since the question is asking about the average time between completion of successive units in production, 'Cycle time' is the most relevant term.
Conclude that 'Cycle time' is the correct answer because it directly addresses the timing aspect of production processes described in the question.
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