Selected financial information for Souta Company for 2015 follows. Sales ............ $3,000,000 Cost of goods sold ......
Question:
Sales ............ $3,000,000
Cost of goods sold ...... 2,100,000
Merchandise inventory
Beginning of year ...... 350,000
End of year ....... 490,000
Required
Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during 2015?
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
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