Please Refer to Table 4-2 for the Following Questions

question 28

Multiple Choice

Please refer to Table 4-2 for the following questions.
Table 4-2
Drummond Company
Balance Sheet

-Based on the information in Table 4-2,the inventory turnover ratio is

• A) 1.29 times.
• B) 2.37 times.
• C) 4.43 times.
• D) 2.99 times.

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Definitions:

Municipal Bond

A debt security issued by municipalities to finance their capital expenditures, typically tax-exempt for investors.

Government Bonds

Securities issued by a government to finance its expenditures, offering a fixed interest rate over a certain period.

Federal Income Tax

A charge imposed by the US federal government on the yearly income of persons, companies, trusts, and other entities.

Interest Rate

The percentage charged on the total amount of borrowed money or paid on investments, over a specific time frame.