The Following Company Information Is Available What Is the Company's Inventory Turnover Ratio? (Round Your Answer

question 63

Multiple Choice

The following company information is available: $$\begin{array} { | l | r | } \hline \text { Average accounts receivable } & \$ 500,000 \\\hline \text { Average inventories } & 130,000 \\\hline \text { Average accounts payable } & 140,000 \\\hline \text { Net sales } & 3,000,000 \\\hline \text { Cost of goods sold } & 1,600,000 \\\hline \text { Purchases } & 1,140,000 \\\hline\end{array}$$
What is the company's inventory turnover ratio? (Round your answer to one decimal place, X.X.)

• A) 3.2
• B) 12.3
• C) 23.1
• D) 6.0

---

Definitions:

Semiarid Zones

Regions characterized by light rainfall, usually between 10 and 20 inches per year, often resulting in scanty vegetation and a steppe climate.

Terrestrial Biomes

are large community units, distinguished by their predominant vegetation and are adapted to specific climate conditions on Earth, such as forests, deserts, and grasslands.

Alpine Tundra

A biome found in the high mountain regions of the world, above the tree line, characterized by windswept landscapes, low temperatures, and minimal vegetation.