Selected Data Pertaining to Lore Co

question 98

Multiple Choice

Selected data pertaining to Lore Co. for the calendar year 20X4 is as follows: What was the inventory turnover for 20X4?

• A) 1.2 times.
• B) 1.5 times.
• C) 2.0 times.
• D) 3.0 times.

---

Definitions:

Income Statements

A financial statement that shows a company's revenues, expenses, and profit over a specific period.

Accounts Credited

Accounts that have been increased in a double-entry bookkeeping system due to the recording of revenues, gains, liabilities, or owner's equity.

Accounts Debited

Refers to the entries made on the left side of an account, signifying an increase in assets or expenses or a decrease in liabilities, equity, or revenue.

Horizontal Analysis

A method of financial examination that looks at past financial data across multiple reporting periods to detect patterns and trends in growth.