47. A 2016: n analyst has gathered the following information on a small-cap firm for the month of May Opening inventory: $2 million Closing inventory: $3 million Cost of sales: $10 million Given the information the inventory tumover ratio is closest to A. 4 B. 3.33 C. 5 48. Adam Geller is the CFO of Cube Corp, and is also the chairman of the board. Board members do not have sufficient control over management because the board is not comprised of a majority of independent outsiders. Cube's shareholders recently accused the firm of misrepresenting its financial reports. Which of the following factors is most likely responsible for management's action of providing low-quality financial reporting? A. Motivation B. Opportunity C. Rationalization 49. Hussey Associates reported net income of $119,000 for the year 2016. The firm carries assets of $1,050,000, liabilities of $700,000, including a deferred tax liability of $250,000, and equity of $350,000. Assuming that the deferred tax liability is not expected to reverse in the future, the return on equity ratio is closest to A 476% B. 34.1% C. 19.8%