Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Skis Boots Apparel Supplies Selling price $ 180,000 $ 150,000 $ 120,000 $ 60,000 Cost 128,000 133,000 90,000 48,000 Replacement cost 120,000 130,000 110,000 50,000 Sales commission 10 % 10 % 10 % 10 % Normal gross profit ratio 20 % 20 % 15 % 15 % In applying the lower of cost or market rule, the inventory of supplies would be valued at: Multiple Choice $45,000. $54,000. $50,000. $48,000.
Answers
Answer:
speed
What's the difference between two identical objects traveling at different speeds? Nearly everyone knows that the one moving faster (the one with the greater speed) will go farther than the one moving slower in the same amount of time. Either that or they'll tell you that the one moving faster will get where it's going sooner than the slower one. Whatever speed is, it involves both distance and time. "Faster" means either "farther" (greater distance) or "sooner" (less time).
Doubling one's speed would mean doubling one's distance traveled in a given amount of time. Doubling one's speed would also mean halving the time required to travel a given distance. If you know a little about mathematics, these statements are meaningful and useful. (The symbol v is used for speed because of the association between speed and velocity, which will be discussed shortly.)
Speed is directly proportional to distance when time is constant: v ∝ s (t constant)
Speed is inversely proportional to time when distance is constant: v ∝
1
t
(s constant)
Combining these two rules together gives the definition of speed in symbolic form.
v = s
t
☞ This is not the final definition.