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Selected financial information for Zachary Company for Year 4 follows: Sales Cost of goods sold Merchandise inventory Beginning of year End of year $1,550,000 1,085,000 Merchandise inventory turnover 152,000 198,000 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

Selected financial information for Zachary Company for Year 4 follows: Sales Cost of goods sold Merchandise inventory Beginning of year End of year $1,550,000 1,085,000 Merchandise inventory turnover 152,000 198,000 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
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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Problem: Module 4 Textbook Problem 2 Learning Objective: 4-2 Calculate ratios for assessing a company's liquidity Selected financial information for Zachary Company for Year 4 follows: Sales Cost of goods sold Merchandise inventory Beginning of year End of year $1,550,000 1,085,000 Merchandise inventory turnover 152,000 198,000 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
Transcribed Image Text:Problem: Module 4 Textbook Problem 2 Learning Objective: 4-2 Calculate ratios for assessing a company's liquidity Selected financial information for Zachary Company for Year 4 follows: Sales Cost of goods sold Merchandise inventory Beginning of year End of year $1,550,000 1,085,000 Merchandise inventory turnover 152,000 198,000 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
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