The 2010 Financial Statements of Sito Company Reported a Beginning

question 39

Multiple Choice

The 2010 financial statements of Sito Company reported a beginning inventory of $80,000, an ending inventory of $120,000, and cost of goods sold of $600,000 for the year.Sito's inventory turnover ratio for 2010 is

• A)7.5 times.
• B)6.0 times.
• C)5.0 times.
• D)4.3 times.

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Definitions:

Services Trade Balance

The difference in value between a country's exported and imported services, indicating whether a country is a net exporter or importer of services.

Trade Balance

The difference between a country's exports and imports of goods and services.

Colonial Power

A country that establishes control over foreign territories to exploit them economically, politically, and culturally.

Manufactured Products

Goods that have been processed or transformed from raw materials into finished goods ready for sale.