The Following Information Is Available for Charles Company The Inventory Turnover for 2014 Is
A) 6

question 1

Multiple Choice

The following information is available for Charles Company: $\begin{array}{lrr}&2014&2013\\\text { Accounts receivable } & \$ 460,000 & \$ 500,000 \\\text { Inventory } & 340,000 & 420,000 \\\text { Net credit sales } & 2,470,000 & 1,400,000 \\\text { Cost of goods sold } & 1,860,000 & 1,060,000 \\\text { Net income } & 300,000 & 170,000\end{array}$ The inventory turnover for 2014 is

• A) 6.2 times.
• B) 4.9 times.
• C) 5.5 times.
• D) 4.4 times.

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Definitions:

Union Membership

The condition of being a member of an organization formed by workers in various sectors to protect and advance their rights and interests.

Labor Force Participation

The proportion of the working-age population that is either employed or actively looking for work, indicating the active supply of labor in the economy.

U.S. Union Membership

The membership affiliation of workers in the United States to labor unions, organizations that represent workers' interests and negotiate collective bargaining agreements.

Import Competition

The competition that domestic firms encounter from the products and services of foreign producers.