Below Is Financial Data for Fawnsworth Industries' Current Year -Refer to the Data for Fawnsworth Industries

question 87

Multiple Choice

Below is financial data for Fawnsworth Industries' current year. $\begin{array}{lr}\text { Net sales on account during year } & \$ 500,000 \\\text { Cost of merchandise sold during year } & 300,000 \\\text { Accounts receivable, beginning of year } & 45,000 \\\text { Accounts receivable, end of year } & 35,000 \\\text { Inventory, beginning of year } & 90,000 \\\text { Inventory, end of year } & 110,000\end{array}$
-Refer to the data for Fawnsworth Industries. Based on this information, what is Fawnsworth's inventory turnover ratio for the current period?

• A) 1.67 times
• B) 2.73 times
• C) 0.33 times
• D) 3.00 times