Yale Stores Had a Beginning Accounts Payable Balance of $56,900

Multiple Choice

Yale Stores had a beginning accounts payable balance of $56,900 and an ending accounts payable balance of $62,800. Sales for the period were $670,000 and costs of goods sold were $418,000. What is the payables turnover rate?

A) 6.98 times
B) 7.35 times
C) 8.13 times
D) 11.19 times
E) 11.78 times