Using the Information Provided,what Is the Inventory Turnover for the Firm

question 37

Multiple Choice

Using the information provided,what is the inventory turnover for the firm? Allied Industries, Inc.
Selected Income Statement Items, 2017
$\begin{array}{ll}\text { Cash Sales } & \$ 1,500,000 \\\text { Credit Sales } & \$ 7,500,000 \\\text { Total Sales } & \$ 9,000,000 \\\text { COGS } & \$ 6,000,000\end{array}$
Allied Industries, Inc.
Selected Balance Sheet Accounts
$\begin{array}{llll}&12/31/2017 &12/31/2016&\text { Change }\\\text { Accounts Receivable } & \$ 270,000 & \$ 240,000 & \$ 30,000 \\\text { Inventory } & \$ 125,000 & \$ 100,000 & \$ 25,000 \\\text { Accounts Payable } & \$ 110,000 & \$ 90,000 & \$ 20,000\end{array}$

• A)23.53 times
• B)53.33 times
• C)48.00 times
• D)60.00 times

Explain the purpose and process of establishing a petty cash fund, including the rationale for adjustments.

Understand the process and rationale behind doing a bank reconciliation and the implications for cash management.

Understand the purpose and process of bank reconciliation.

Prepare adjusting journal entries based on a reconciliation report.

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Definitions:

Visual Processing Centers

Brain regions responsible for interpreting visual information, including the primary visual cortex and associated pathways.

All-Or-None Response

A principle that states a neuron or muscle fiber responds completely or not at all to a stimulus, without intermediate levels of response.

Dendrites

Branchlike parts of a neuron that are specialized to receive information from other neurons.

Axon Terminals

The endpoint of an axon where neurotransmitters are stored and released to transmit signals across synapses to other neurons, muscles, or glands.