Answered: IF A COMPANY HAS COST OF GOODS SOLD OF…

IF A COMPANY HAS COST OF GOODS SOLD OF $255,000 AND AVERAGE INVENTORY OF $84,000, WHAT IS ITS INVENTORY TURNOVER RATIO? A) 2.0 B) 3.8 C) 3.4 D) 5.0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

Need answer to this financial accounting problem

IF A COMPANY HAS COST OF GOODS
SOLD OF $255,000 AND AVERAGE
INVENTORY OF $84,000, WHAT IS ITS
INVENTORY TURNOVER RATIO?
A) 2.0
B) 3.8
C) 3.4
D) 5.0

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