MGA 201- Midterm Review {LATEST 2026 -
2027 update} QUESTIONS AND ANSWERS
100% CORRECT
Perpetual Inventory System - correct answer BI + P - CGS = EI
Gross Profit - correct answer Sales Revenue - Cost of Goods Sold
Income from Operations - correct answer Gross Profit - Selling & General Expenses
Cost of Goods Available - correct answer Beginning Inventory + Purchases
Inventory Turnover Ratio - correct answer Cost of Goods Sold / Average Inventory
Days to Sell - correct answer 365 / Inventory Turn over Ratio
2027 update} QUESTIONS AND ANSWERS
100% CORRECT
Perpetual Inventory System - correct answer BI + P - CGS = EI
Gross Profit - correct answer Sales Revenue - Cost of Goods Sold
Income from Operations - correct answer Gross Profit - Selling & General Expenses
Cost of Goods Available - correct answer Beginning Inventory + Purchases
Inventory Turnover Ratio - correct answer Cost of Goods Sold / Average Inventory
Days to Sell - correct answer 365 / Inventory Turn over Ratio
