The Following Information Was Taken from the Records of Kane

question 92

Multiple Choice

The following information was taken from the records of Kane Company: $\begin{array}{lc}\text { Beginning inventory } & \$ 135,000 \\\text { Encling inventory } & 150,000 \\\text { Net crecdit sales } & 1,440,000 \\\text { Cost of goods sold } & 810,000 \\\text { Net income } & 112,500\end{array}$ Given this information, Kane's inventory turnover is

• A) 5.68
• B) 5.40
• C) 10.11
• D) 1.33

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Definitions:

Lancer

A term historically used to refer to a light cavalry soldier armed with a lance, but in modern contexts, it might not have a commonly recognized definition related to the provided key terms.

Modifications

Changes or alterations made to the terms of a contract, agreement, or document after it has been executed.

Personal Purposes

Activities or objectives pursued for an individual’s private benefit or enjoyment rather than for business or professional reasons.

Stolen

Pertains to property taken without permission or legal right and without intending to return it.