21 Based on the following data for the current year, what is the inventory turnover?Sales on account during year$466,438Cost of goods sold during year179,618Accounts receivable, beginning of year44,647Accounts receivable, end of year53,212Inventory, beginning of year33,548Inventory, end of year37,821Do not round interim calculations. Round your final answer to one decimal place.Oa. 5Ob. 2.6Oc. 1.3Od. 27.9

Name: 21 Based on the following data for the current year, what is the inven
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Description: 21 Based on the following data for the current year, what is the inventory turnover?Sales on account during year$466,438Cost of goods sold during year179,618Accounts receivable, beginning of year44,647Accounts receivable, end of year53,212Inventory,

Inventory turnover is the efficiency ratio. It helps the entity to measure the number of times, the inventory has been sold by the entity.Inventory turnover=Cost of goods soldInventory, beginning+Inventory, ending2=$179,618$33,548+$37,8212=5 (option a)

Business

Accounting

Based on the following data for the current year, what is the inventory turnover? Sales on account during year $466,438 179,618 Cost of goods sold during year Accounts receivable, beginning of 44,647 Accounts receivable, end of year 53,212 Inventory, beginning of year 33,548 Inventory, end of year 37,821 Do not round interim calculations. Round your final answer to one decimal place. Oa. 5 Ob. 2.6 Oc. 1.3 Od. 27.9 year

Based on the following data for the current year, what is the inventory turnover? Sales on account during year $466,438 179,618 Cost of goods sold during year Accounts receivable, beginning of 44,647 Accounts receivable, end of year 53,212 Inventory, beginning of year 33,548 Inventory, end of year 37,821 Do not round interim calculations. Round your final answer to one decimal place. Oa. 5 Ob. 2.6 Oc. 1.3 Od. 27.9 year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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