MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers

the question. YOU MUST WRITE YOUR ANSWERS ON THE ANSWER SHEET ON THE LAST

PAGE OF THIS EXAM TO RECEIVE CREDIT!

Question #$1(17$ multiple choice questions worth two points each; $34$ total points$)$

The following information is available from Scarlet Corp's financial records for the current year:

Sales:

Accounts Receivable, Net:

Balance January $1,$$$75,000$

Balance December $31,$$$50,000$

How many times did Scarlet's Accounts Receivable turn over during the year?

A$)15$

B$)12$

C$)10$

D$)8$

Which of the following would not be a component of the year$-$end inventory balance?

A$)$ Freight$-$in costs.

B$)$ Inventory inspection costs.

C$)$ Inventory preparation costs.

D$)$ Marketing department salaries.