The Cost of Goods Sold for Peterson Fashions Is $360,000

Multiple Choice

The cost of goods sold for Peterson Fashions is $360,000.The beginning inventory for the firm was $20,000.Twelve months later the ending inventory was $40,000.What is the firm's inventory turnover?

A) 6 times a year
B) 9 times a year
C) 12 times a year
D) 18 times a year
E) 24 times a year