The Grand Department Store Had Net Credit Sales of $12,000,000

question 14

Multiple Choice

The Grand Department Store had net credit sales of $12,000,000 and cost of goods sold of $8,000,000 for the year.The average inventory for the year amounted to $1,600,000. The inventory turnover ratio for the year is

• A) 4.0 times.
• B) 7.2 times.
• C) 5.0 times.
• D) 2.5 times.

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