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Selected information for 2017 is: Cost of goods sold $6,000,000 2016-ending inventory $2,000,000 2017-ending inventory $1,400,000 Net sales $7,200,000 2016-ending receivables $990,000 2017-ending receivables $930,000 Net income $20,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. 102 b. None of these c. 4.3 d. 7.5 e. 3.5

Selected information for 2017 is: Cost of goods sold $6,000,000 2016-ending inventory $2,000,000 2017-ending inventory $1,400,000 Net sales $7,200,000 2016-ending receivables $990,000 2017-ending receivables $930,000 Net income $20,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. 102 b. None of these c. 4.3 d. 7.5 e. 3.5

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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What was the inventory turnover ratio for 2017 on these financial accounting question?

Selected information for 2017 is: Cost of goods sold $6,000,000 2016-ending inventory $2,000,000 2017-ending inventory $1,400,000 Net sales $7,200,000 2016-ending receivables $990,000 2017-ending receivables $930,000 Net income $20,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. 102 b. None of these c. 4.3 d. 7.5 e. 3.5
Transcribed Image Text:Selected information for 2017 is: Cost of goods sold $6,000,000 2016-ending inventory $2,000,000 2017-ending inventory $1,400,000 Net sales $7,200,000 2016-ending receivables $990,000 2017-ending receivables $930,000 Net income $20,000 Assuming a 360-day year, what was the inventory turnover ratio for 2017? a. 102 b. None of these c. 4.3 d. 7.5 e. 3.5
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