The 2020, 2021, and 2022 Partial Balance Sheets for Ottoman

question 139

Multiple Choice

The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below. Net credit sales for Ottoman were $126,000 for 2020, $120,000 for 2021 and $114,000 for 2022, while cost of goods sold was $84,000 for 2020, $82,400 for 2021 and $72,500 for 2022. What is the inventory turnover for 2021?

• A)2.75 times
• B)3.17 times
• C)4.00 times
• D)4.14 times

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Definitions:

Scientific Management

A management theory that analyzes work flows to improve economic efficiency, especially labor productivity, by employing empirical research methods.

Specialized Fields

Areas of expertise or study that focus on a specific subject matter, technique, or profession, often requiring advanced knowledge and skills.

Unionized Workers

Employees who are members of a labor union, an organization that represents workers in negotiations with employers regarding wages, working conditions, and other employment terms.

Codetermination Movement

A principle or practice in corporate governance that requires workers to be represented on the board of directors, aiming to improve decision-making through worker participation.