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

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Definitions:

Cool Mint Chocolate

A flavor combination that blends the refreshing taste of mint with the rich, indulgent flavor of chocolate, popular in various food and beverage products.

Hunger

The physical sensation of needing food, also used metaphorically to describe a strong desire or need for something.

Perception

refers to the process by which individuals select, organize, and interpret sensory information to form a meaningful picture of the world.

Showstoppers

events, problems, or features that significantly impress or entirely halt progress in a project or performance.