Use the Following Information for Questions

question 74

Multiple Choice

Use the following information for questions
The Home Furnishings Store had net credit sales of $7,500,000 and cost of goods sold of $4,500,000 for the year. The average inventory for the year amounted to $1,500,000.
-The inventory turnover ratio for the year is

• A) 5 times.
• B) 7.5 times.
• C) 3 times.
• D) 1.67 times.

---

Definitions:

Early Dynastic

Refers to the initial periods of a civilization's history marked by the formation of the first centralized states, dynasties, or kingdoms, such as in ancient Egypt and Mesopotamia.

Palette

A thin board with a thumb hole at one end on which an artist lays and mixes colors; any surface so used. Also, the colors or kinds of colors characteristically used by an artist. In ancient Egypt, a slate slab used for preparing makeup.

Narmer

An ancient Egyptian pharaoh who is believed to have unified Upper and Lower Egypt, often associated with the Narmer Palette.

God-King

A ruler who is considered to be both a god and a king, embodying the divine right to govern.