Multiple Choice
In financial accounting, the value of work in process (WIP) is equal to:
24
views
4. Merchandising Operations
Net Sales
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
If a company averages 55 sales per day and each sale is worth $20, what is the company's net sales for a 30-day month, assuming there are no returns, allowances, or discounts?
A
$33,000
B
$55,000
C
$1,100
D
$16,500
Verified step by step guidance1
Calculate the total sales per day by multiplying the average number of sales per day (55) by the value of each sale ($20). Use the formula: .
Determine the total number of days in the month, which is given as 30 days.
Calculate the net sales for the month by multiplying the total sales per day by the number of days in the month. Use the formula: .
Verify that there are no adjustments to the net sales, such as returns, allowances, or discounts, as stated in the problem.
Compare the calculated net sales to the provided answer choices to identify the correct value.
9:04mWatch next
Master Net Sales:Sales Discounts (Gross Method) with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
