May I ask for a solution and explanation to the problem for a better understanding. Thank you!3. Using Carrot Corp data. What is the inventory turn over for year 2? a. 6b. 4c. 3d. 5 Carrots CorporationStatement of IncomeFor the Year Ended November 30, Year 2(in thousands of pesos)Sales (all on credit)Cost of goods soldGross marginOperating expensesP200,000(120,000)80,000(38,000)Net operating incomeInterest expense42,000(2,000)Net income before income tax40,000Income tax expense(15,000)P 25,000Net income Financial statements of CARROTS Corporation are reproduced below. The market price of Carrot's ordinary sharewas P20 per share on November 30, Year 2.Carrots CorporationStatement of Financial PositionAs of November 30(in thousands of pesos)Year 2Year 1CashP 3,000P 2,000Trading securitiesAccounts receivable (net)Merchandise inventory1,0001,00014,00011,00024,00016,000Total current assetsP 42,000P 30,000Property, plant, and equipment (net)Long-term investments68,00060,00010,00010,000Total assetsP120,000P100,000P 5,000P 4,000Accounts payableWages payable1,0001,000Total current liabilitiesP 6,000P 5,000Bonds payable, 10%20,00020,000P 25,000P 26,000P 25,000Total liabilitiesOrdinary share capital, no par, 10,000,000 sharesAccumulated profitsTotal shareholders' equityTotal liabilities and shareholders' equityP 25,00069.00050,000P 94,000P 75,000P120.000P100,000

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Description: May I ask for a solution and explanation to the problem for a better understanding. Thank you!3. Using Carrot Corp data. What is the inventory turn over for year 2? a. 6b. 4c. 3d. 5 Carrots CorporationStatement of IncomeFor the Year Ended November 30

Inventory turnover ratio refers to the accounting ratio that determines how the stock of goods has…

Answered: Using Carrot Corp data. What is the…

Business

Accounting

Using Carrot Corp data. What is the inventory turn over for year 2? a. 6 b. 4 c. 3 d. 5

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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