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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