The Philip Company Had the Following Information Available for the Fiscal

question 61

Multiple Choice

The Philip Company had the following information available for the fiscal year ended December 31, 2010: $\begin{array}{ll}\text { Net sales } & \$ 1,600,000 \\\text { Cost of goods sold } & 1,200,000 \\\text { Merchandise inventory: } &\\&\text { January } 1,2010 & 200,000 \\&\text { December } 31,2010 & 400,000\end{array}$ Philip's inventory turnover for 2010 was

• A)3 times
• B)4 times
• C)5.33 times
• D)6 times

---

Definitions:

Liquor Sales

Transactions involving the purchase and sale of alcoholic beverages, particularly those that are distilled rather than fermented.

8-Year Period

A specific time frame that spans eight years.

Moving Averages

A statistical method used to analyze data points by creating a series of averages of different subsets of the full data set.

Daily Sandwich Sales

The quantity of sandwiches sold in a day, typically used to track business performance over time.