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Last Year,Able Company Had Sales of $10 Million,Cost of Goods

Question 15

Multiple Choice

Last year,Able Company had Sales of $10 million,Cost of Goods Sold of $6 million,Gross Profit of $4 million and Net Profit of $1 million.Average inventory at cost was $2 million.Able's inventory turn rate was:


A) 5 times
B) 3 times
C) 2 times
D) 0.5 times

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