Kopas Corporation Has Provided the Following Data The Inventory Turnover for This Year Is Closest To:
A)3

question 266

Multiple Choice

Kopas Corporation has provided the following data: $$\begin{array} { | l r | r | } \hline & \text { This Year } & \text { Last Year } \\\hline \text { Accounts receivable } & \$ 89,000 & \$ 107,000 \\\hline \text { Inventory } & \$ 160,000 & \$ 156,000 \\\hline \text { Sales on account } & \$ 627,000 & \\\hline \text { Cost of goods sold } & \$ 488,000 & \\\hline\end{array}$$ The inventory turnover for this year is closest to:

• A)3.09
• B)0.98
• C)1.03
• D)3.05

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Definitions:

Current Period

Refers to the present accounting period under consideration, usually a fiscal quarter or year.

Defined Contribution Fund

A retirement plan in which the employer, employee, or both make contributions on a regular basis, but future benefits are based on the fund's investment performance.

Unpaid Contributions

Amounts due from members or shareholders for their share in the capital of the company which have not yet been paid.

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