ANSWERS TO QUESTIONS

2,500,000 units extracted X $.09 = $225,000 depletion for 2007 (b) 2,100,000 units sold X $.09 = $189,000 charged to cost of goods sold for 2007 EXERCISE 11-24 (15–25 minutes) (a) Asset turnover ratio: $13,516 = .914 times $14,846 + $14,737 2 Rate of return on assets: $556 = 3.76% $14,846 + $14,737 2 Profit margin on sales: ................
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