Elephant, Inc.'s cost of goods sold for the year is $ 2 comma 400 comma 000$2,400,000, and the average merchandise inventory for the year is $ 129 comma 000$129,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.) A. 9.39.3 times B. 18.618.6 times C. 5.385.38 times D. 9.469.46 times
Elephant, Inc.'s cost of goods sold for the year is $ 2 comma 400 comma 000$2,400,000, and the average merchandise inventory for the year is $ 129 comma 000$129,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.) A. 9.39.3 times B. 18.618.6 times C. 5.385.38 times D. 9.469.46 times
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Elephant, Inc.'s cost of goods sold for the year is
$ 2 comma 400 comma 000$2,400,000,
and the average merchandise inventory for the year is
$ 129 comma 000$129,000.
Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.)
9.39.3
times18.618.6
times5.385.38
times9.469.46
timesExpert Solution
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