Based on the Following Data for the Current Year, Compute

question 30

Multiple Choice

Based on the following data for the current year, compute the inventory turnover? $\begin{array}{ll}\$ 500,000 & \text { Net sales on account during the year } \\300,000 & \text { Cost of merchandise sold during the yeat } \\45,000 & \text { Accounts receivable, be ginning of year } \\35,000 & \text { Accounts receivable, end of year } \\90,000 & \text { Inventory, be ginning of year } \\110,000 & \text { Inventory, end of year }\end{array}$

• A) 3.0
• B) 2.7
• C) 4.0
• D) 3.3

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Definitions:

Insurance Proceeds

The money received from an insurance company as a payout for claims made under an insurance policy.

Insured

A person or entity covered under an insurance policy, protected against specified losses or damages.

Damage

Loss or harm resulting from injury to a person, property, or reputation.

Workers' Compensation Insurance

Insurance that provides wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for negligence.