Thomas Company Provided the Following Particulars for Year 2015

question 79

Multiple Choice

Thomas Company provided the following particulars for year 2015: Calculate Thomas's inventory turnover ratio for the year. (Round your answer to two decimal places.)

• A)5.53 times per year
• B)3.69 times per year
• C)2.76 times per year
• D)1.85 times per year

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Definitions:

Statutes

Written laws enacted by a legislative body at the federal, state, or local level.

Appraisal Right

A shareholder's right to have their shares independently valued in certain circumstances, such as mergers or acquisitions.

Corporate Assets

Properties, investments, and other resources owned by a corporation that can be used to produce goods, render services, or generate revenue.

Domestic

Pertaining to the internal affairs of a country or the household or family environment.