Able Company Began the Year with a Balance in Inventory

question 64

Multiple Choice

Able Company began the year with a balance in inventory of $110,000 and ended the year with a balance of $102,000.The net sales for the year were $983,000 with a gross profit on sales of $295,000.What was the inventory turnover?

• A)2.78 times
• B)2.89 times
• C)6.49 times
• D)9.27 times

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Definitions:

Sexual Reproduction

A biological process where organisms create offspring by combining genetic material from two different sexes.

Parthenogenesis

A form of asexual reproduction that involves development of an embryo from an unfertilized egg cell.

Fertilization

The fusion of male and female gametes, resulting in the formation of a zygote that can develop into a new organism.

Mathematical Model

A representation of a system using mathematical concepts and language, used to study the behavior of complex systems.