Multiple Choice
During the year just ended,James Company purchased $425,000 of inventory.The inventory balance at the beginning of the year was $175,000.If the cost of goods sold for the year was $450,000,what was the inventory turnover for the year?
A) 2.57 times.
B) 2.62 times.
C) 2.77 times.
D) 3.00 times.Turnover = 450,000/[(175,000 + 150,000) /2] = 2.77 times.
Correct Answer:
Verified
Correct Answer:
Verified
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