The Following Information Is Available for Oakland Company The Inventory Turnover Ratio for 2017 Is
A) 6

question 71

Multiple Choice

The following information is available for Oakland Company: $\begin{array}{lrr}&2017&2016\\\text { Accounts receivable } & \$ 360,000 & \$ 400,000 \\\text { Inventory } & 340,000 & 400,000 \\\text { Net credit sales } & 2,470,000 & 1,400,000 \\\text { Cost of goods sold } & 1,850,000 & 1,060,000 \\\text { Net income } & 300,000 & 170,000\end{array}$ The inventory turnover ratio for 2017 is

• A) 6.7 times.
• B) 5.0 times.
• C) 5.4 times.
• D) 4.6 times.

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Definitions:

Normally Distributed

Refers to a type of continuous probability distribution where data points are symmetrically distributed around the mean, forming a bell-shaped curve.

Variance

A measure of the dispersion or spread of a set of data points in a data set, representing the average squared deviation from the mean.

Standard Normal

A normal distribution with a mean of zero and a standard deviation of one, commonly used in statistical analyses.

Mean

The arithmetic average of a set of values or measurements, calculated by summing them all up and dividing by the number of values.