SSS Ltd Has Provided Information from Its Financial Statements for the Year

question 11

Multiple Choice

SSS Ltd has provided information from its financial statements for the year ended 30 June 2018. $$\begin{array} { l r } \text { Sales (all on credit) } & \$ 2,000,000 \\\text { Gross profit on sales } & 1,000,000 \\\text { Net profit } & 150,000 \\\text { Cost of sales } & 1,000,000 \\\text { Inventory at end of year } & 200,000 \\\text { Accounts receivable at end of year } & 500,000\end{array}$$
-The company trades 365 days per year. The number of times SSS's inventory turned over for 2018 is:

• A)2.0 times.
• B)5.0 times.
• C)5.5 times.
• D)2.2 times.

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