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

question 35

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:

Hydrolysis

A chemical reaction in which water breaks down another compound, splitting it into two or more substances.

3-Heptanone

An organic compound that is a ketone with seven carbon atoms, where the carbonyl group is located at the third carbon.

Propanal

An aldehyde with the chemical formula C3H6O, characterized by a three-carbon chain with a terminal carbonyl group.

Chromic Acid

An oxidizing agent made by dissolving chromium trioxide in water or by dissolving dichromate salts in sulfuric acid, used primarily in cleaning laboratory glassware and in certain oxidation reactions.