What is the inventory turnover at retail
Net sales $35,000, beginning inventory at retail $12,000, ending inventory at retail $16,000, cost of goods sold $18,500. what is the inventory turnover at retail?
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In the current year for regular income tax purposes, Wallace does not recognize any income on the contract. Under the percentage of complete method, the income recognized under the contract would have been $60,000. Wallace's AMT adjustment is:
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