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Excerpts from the consolidated balance sheet for AJD Retail, Inc. (AJD) are shown below. In its consolidated income statement for the same period, shown in
Excerpts from the consolidated balance sheet for AJD Retail, Inc. (AJD) are shown below. In its consolidated income statement for the same period, shown in thousands, AJD reports total sales of $23,000, consisting of cash sales of $18,000 and credit sales of $5,000. Cost of goods sold is shown at $16,000. AJD Retail, Inc. Consolidated Balance Sheet Amounts in Thousands Assets Current assets: Cash $ 50 Accounts receivable 800 Inventory 5,000 Other current assets 80 Total current assets $ 5,930 Property and equipment 15,000 Receivables 30 Goodwill 250 Other 50 Total assets $ 21,260 Using this information, which one of the following is the inventory turnover ratio for AJD? Select one: A. .2 B. .3 C. 3.2 D. 4.6
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