Resale Sports had inventory of $8,000 on Jan 1, 20X3, and $12,000 on Dec 31, 20X3. Sales for 20X3 were $250,000 and the company's gross profit percentage was 35%. What was the inventory turnover for Resale Sports for 20X3? A. 7.29 times. B. 8.75 times. C. 25.00 times. D. 13.54 times. E. 16.25 times.
Resale Sports had inventory of $8,000 on Jan 1, 20X3, and $12,000 on Dec 31, 20X3. Sales for 20X3 were $250,000 and the company's gross profit percentage was 35%. What was the inventory turnover for Resale Sports for 20X3? A. 7.29 times. B. 8.75 times. C. 25.00 times. D. 13.54 times. E. 16.25 times.
Chapter2: Analysis Of Financial Statements
Section: Chapter Questions
Problem 12PROB
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Resale sports had inventory solve this accounting questions
Transcribed Image Text:Resale Sports had inventory of $8,000 on Jan 1, 20X3,
and $12,000 on Dec 31, 20X3. Sales for 20X3 were $250,000 and
the company's gross profit percentage was 35%. What was the
inventory turnover for Resale Sports for 20X3?
A. 7.29 times.
B. 8.75 times.
C. 25.00 times.
D. 13.54 times.
E. 16.25 times.
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