Gaffney & Sons Woodworks Has a Beginning Inventory of $160,000

question 225

Multiple Choice

Gaffney & Sons Woodworks has a beginning inventory of $160,000 and ending inventory of $180,000 for the current period.The company had sales of $500,000 and cost of goods sold of $300,000 during the period.What was the inventory turnover?

• A)4.50 times
• B)2.94 times
• C)2.00 times
• D)1.76 times

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Definitions:

Institutional Investors

Organizations or entities, such as pension funds, insurance companies, and endowments, that invest large amounts of money into securities and real estate.

Asset Allocation

The process of dividing investments among different asset categories, such as stocks, bonds, and cash, to optimize risk and return.

Equities

Financial assets representing ownership interest in a company, typically in the form of shares of stock.

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A specialized software application that uses meteorological and oceanographic data to predict wave conditions and surf quality at various beaches.