Exercise 14-4A (Algo) Inventory turnover LO 14-2 Selected financial information for Thornton Company for Year 4 follows: Sales Cost of goods sold Merchandise inventory Beginning of year End of year $2,200,000 1,540,000 Merchandise inventory turnover 154,000 194,000 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? (Round your answer to 2 decimal places.) times

Exercise 14-4A (Algo) Inventory turnover LO 14-2 Selected financial information for Thornton Company for Year 4 follows: Sales Cost of goods sold Merchandise inventory Beginning of year End of year $2,200,000 1,540,000 Merchandise inventory turnover 154,000 194,000 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? (Round your answer to 2 decimal places.) times

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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