In 20B, Landings Inc

Multiple Choice

In 20B, Landings Inc. provided the following information in their financial statements: Cost of goods sold under FIFO costing is $22.2 billion and their inventory value under FIFO is $1.3 billion at the end of 20B and $1.2 billion at the end of 20A. What would their inventory turnover ratio be under the FIFO cost flow method?

A) 18.5
B) 17.1
C) 17.8
D) 8.9