Calculate the Inventory Turnover at Cost for Ricky's Department Store

question 41

Multiple Choice

Calculate the inventory turnover at cost for Ricky's Department Store. The starting inventory at cost was $485,800 and the ending inventory at cost was $236,000. Cost of goods sold for the year totaled $2,670,660. (Round your answer to the nearest tenth)

• A) 7.4
• B) 5.5
• C) 3.7
• D) 11.3

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Definitions:

State Intervention

The involvement of a government in regulating or participating in economic, social, or other public sectors, often aimed at achieving policy objectives or correcting market failures.

New Nationalism

A political philosophy introduced by Theodore Roosevelt in 1910 advocating for government intervention to enhance public welfare and regulate big businesses.

Theodore Roosevelt

The 26th president of the United States, known for his progressive policies, leadership of the Progressive Movement, and conservation efforts.

Economic Power

The capacity of a country, business, or individual to influence the economy or economic conditions through various means, including wealth, production, or consumption.