Cromwell Company Began the Year with a Balance in Inventory

question 114

Multiple Choice

Cromwell Company began the year with a balance in inventory of $110,000 and ended the year with a balance of $102,000.The net sales for the year were $983,000 with a gross profit on sales of $295,000.The inventory turnover ratio is closest to:

• A)2.78
• B)9.27
• C)6.49
• D)2.89