Financial Statements for March Company Appear Below -March Company's Inventory Turnover for Year 2 Was Closest to Company

question 197

Multiple Choice

Financial statements for March Company appear below:

$\begin{array}{|l|r|}\hline&\begin{array}{r}\text { March Company } \\\text { Income Statement }\\\text { For the Year Ended December 31, Year } \\2 \\\text { (dollars in thousands) } \\\end{array} \\\hline \text { Sales (All on Account) } & \$ 1610 \\\hline \text { Costs of Goods Sold } & \$ 1120 \\\hline \text { Gross Margin } & \$ 490 \\\hline \text { Operating Expenses } & \$ 190 \\\hline \text { Net Operating Income } & \$ 300 \\\hline \text { Interest Expense } & \$ 50 \\\hline \text { Net Income before Taxes } & \$ 250 \\\hline \text { Income Taxes (30\%) } & \$ 75 \\\hline \text { Net Income } & \$ 175 \\\hline\end{array}$
-March Company's inventory turnover for Year 2 was closest to which of the following?

• A) 7.2 times.
• B) 7.5 times.
• C) 10.4 times.
• D) 10.7 times.

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Definitions:

Supportive Environment

A setting or atmosphere that provides emotional, physical, and social resources to foster growth, well-being, and healing.

Schizophrenic Members

Individuals who are part of a group or community and are affected by schizophrenia, a disorder impacting thought processes and perceptions.

Family Psychoeducational Programs

Interventions designed to educate families about mental illness, aiming to improve outcomes for both patients and their families through knowledge and skills training.

Support

The assistance or encouragement provided by individuals or organizations to others, which can be emotional, social, financial, or practical.