Waters Department Store Had Net Credit Sales of $16,000,000 and Cost

question 116

Multiple Choice

Waters Department Store had net credit sales of $16,000,000 and cost of goods sold of $12,000,000 for the year. The average inventory for the year amounted to $2,000,000. Inventory turnover for the year is

• A) 8 times.
• B) 14 times.
• C) 6 times.
• D) 4 times.

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Definitions:

Southeast Asia

A geographical region in Asia, located south of China and east of India, known for its diverse cultures, languages, and histories.

Rice

A staple food grain known scientifically as Oryza sativa (Asian rice) or Oryza glaberrima (African rice), cultivated in a variety of environments.

Neolithic Period

A phase in human history marked by the development of agriculture and permanent settlements, leading to significant cultural and technological advancements.

Dwellings Materials

The various substances or goods used in the construction and maintenance of homes and buildings.