15. Inventory turnover is calculated as: A) the cost of goods sold divided by average inventory B) the cost of goods minus average inventory C) the cost of goods times average inventory D) the average inventory divided by the cost of goods sold E) None of the above 16. If a merchandising company ends a period with a larger inventory than it owned at the beginning of the period, then: A) The cost of goods sold was larger than net purchases. B) Net income was larger than gross profit. C) The cost of goods sold was smaller than net purchases. D) The cost of goods available for sale was smaller than the cost of goods sold. E) Gross profit was larger than the cost of goods sold. 17. Wholesalers: A) Buy products from manufacturers and sell to retailers. B) Provide promotion, market information, and financial assistance to retailers. C) Buy products from manufacturers and sell to consumers. D) Both A and B. E) All of the above. 18. The operating cycle of a merchandising company: A) Begins with the purchase of merchandise. B) Ends with the collection of cash from the sale of merchandise. C) Varies among types of businesses. D) Both A and B. E) All of the above