The Following Information Was Taken from the Financial Statements of Sunshine

question 20

Multiple Choice

The following information was taken from the financial statements of Sunshine City: Total current assets
$ 53,000
Property, plant, and equipment
6,000
Current liabilities
21,000
Long-term liabilities
4,000
Owner's equity
34,000
Beginning inventory
31,000
Ending inventory
33,000
Cost of goods sold
152,000
Net income
42,000
​
The inventory turnover (rounded to one decimal place) for Sunshine City is

• A) 2.2 times.
• B) 3.0 times.
• C) 4.8 times.
• D) 5.0 times.

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Definitions:

Noise-cancelling Headphones

Headphones that reduce unwanted ambient sounds using active noise control technology.

Markdown

A reduction from the original or list price of goods, often to encourage sales.

Table Saws

Tools with a fixed blade and a flat surface, used for cutting large pieces of wood with precision.

Markdown Rate

The percentage decrease from the original price of an item to its new sale price.