During the Year Just Ended, the Retailer James Corporation Purchased

question 315

Multiple Choice

During the year just ended, the retailer James Corporation purchased $425,000 of inventory. The inventory balance at the beginning of the year was $175,000. If the cost of goods sold for the year was $450,000, then the inventory turnover for the year was:

• A) 2.77
• B) 2.57
• C) 3.00
• D) 2.62

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Definitions:

Soils

The top layer of the earth's surface, composed of mineral particles, organic matter, water, and air, and capable of supporting plant life.

Grasslands

Large, open areas where the dominant vegetation consists of grasses, often found in regions with moderate to semi-arid climates.

Biological Magnification

The increasing concentration of a substance, such as a toxic chemical, in the tissues of organisms at successively higher levels in a food chain.

Food Chain

A series of organisms each dependent on the next as a source of food, representing the flow of energy and nutrients in an ecosystem.