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Accounting
Selected information for 2017 is: Cost of goods sold $28,200,000 2016 ending inventory $3,400,000 2017 ending inventory $3,650,000 Net sales $70,200,000 2016 ending receivables $3,390,000 2017 ending receivables $3,930,000 Net income $3,520,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. none of these b. 8 c. 7.73 d. 8.29 e. 45

Selected information for 2017 is: Cost of goods sold $28,200,000 2016 ending inventory $3,400,000 2017 ending inventory $3,650,000 Net sales $70,200,000 2016 ending receivables $3,390,000 2017 ending receivables $3,930,000 Net income $3,520,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. none of these b. 8 c. 7.73 d. 8.29 e. 45

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 33BE
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Inventory turnover ratio for 2017

Selected information for 2017 is: Cost of goods sold $28,200,000 2016 ending inventory $3,400,000 2017 ending inventory $3,650,000 Net sales $70,200,000 2016 ending receivables $3,390,000 2017 ending receivables $3,930,000 Net income $3,520,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. none of these b. 8 c. 7.73 d. 8.29 e. 45
Transcribed Image Text:Selected information for 2017 is: Cost of goods sold $28,200,000 2016 ending inventory $3,400,000 2017 ending inventory $3,650,000 Net sales $70,200,000 2016 ending receivables $3,390,000 2017 ending receivables $3,930,000 Net income $3,520,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. none of these b. 8 c. 7.73 d. 8.29 e. 45
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