During the Year Just Ended,James Company Purchased $425,000 of Inventory

question 148

Multiple Choice

During the year just ended,James Company purchased $425,000 of inventory.The inventory balance at the beginning of the year was $175,000.If the cost of goods sold for the year was $450,000,what was the inventory turnover for the year?

• A) 2.57 times.
• B) 2.62 times.
• C) 2.77 times.
• D) 3.00 times.

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Definitions:

Dark Brown

A color, often associated with earth or wood, that signifies a deep, rich brown shade.

C Soil Horizon

The layer of soil that consists of weathered parent material, lying beneath the A (topsoil) and B (subsoil) horizons.