Thomas Company Provided the Following Particulars for Year 2017 Calculate Thomas's Rate of Inventory Turnover for the Year

question 30

Multiple Choice

Thomas Company provided the following particulars for year 2017: $$\begin{array} { | l | l | } \hline \text { Cost of sales } & \$ 1,100,000 \\\hline \text { Beginning inventory } & 340,000 \\\hline \text { Ending inventory } & 350,000 \\\hline\end{array}$$ Calculate Thomas's rate of inventory turnover for the year.(Round your answer to two decimal places. )

• A)3.14 times per year
• B)3.19 times per year
• C)1.59 times per year
• D)3.24 times per year

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Definitions:

Ratio

An expression that compares two quantities in a specified order.

Fuel Mix

The combination of various fuel sources used to generate energy or power.

Two-Cycle Engine

An internal combustion engine that completes a power cycle with two strokes of the piston during only one crankshaft revolution.

Ratio

A mathematical expression that represents the relationship between two numbers, showing how many times one value contains or is contained within the other.