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:

Economic Well-Being

Refers to the condition where individuals or societies have their basic needs met and are able to improve their standards of living, achieving a level of financial security and access to resources that allow for a comfortable life.

International Law

A body of rules and principles that governs the relations and interactions between nations.

Unrestricted Submarine Warfare

A type of naval warfare in which submarines attack merchant ships without warning, as practiced by Germany in both World Wars.

Allied Supply Shipments

The transportation and delivery of military and humanitarian supplies by the Allied nations to their forces and occupied territories during times of conflict, particularly noted in World Wars I and II.