Barnett Company Had the Following Records What Is Barnett's Inventory Turnover for 2022? (Rounded)
A)9

question 71

Multiple Choice

Barnett Company had the following records: $$\begin{array} { l c c } & \underline { 2022 } & \underline { 2021 } \\\text { Ending inventory } & \$ 32,650 & \$ 30,490 \\\text { Cost of goods sold } & 306,300 & 313,600\end{array}$$ What is Barnett's inventory turnover for 2022? (rounded)

• A)9.4 times
• B)9.7 times
• C)9.9 times
• D)10.0 times

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Definitions:

Revaluation Model

An accounting method that allows for the upward or downward adjustment in the carrying amount of an asset to its current fair value, provided it can be measured reliably.

Revaluation Increment

An increase in the book value of an asset to reflect its fair value, often recognized during asset revaluation processes.

Depreciation Charges

Expenses recorded to allocate the cost of tangible assets over their useful lives, reflecting wear and tear, deterioration, or obsolescence.