Cinnamon Buns Company (CBC) started 2024 with $52,200 of inventory on hand. During 2024, $294,000 in inventory was purchased on account with credit terms of 3/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,800. Inventory with an invoice amount of $3,800 was returned for credit. Cost of goods sold for the year was $304,000. CBC uses a perpetual inventory system.

Assuming CBC uses the gross method to record purchases, ending inventory would be:

$29,694.

$48,200.

$39,494.

$39,380.

*

A company reported the following in its 2024 financial statements:

	2024
Sales	$ 423,000
Cost of goods sold:
Inventory, January 1	66,000
Net purchases	333,000
Goods available for sale	399,000
Inventory, December 31	98,000
Cost of goods sold	301,000
Gross profit	$ 122,000

The company's 2024 inventory turnover ratio is:

Note: Round your answer to two decimal places.

5.16.

3.07.

4.32.

3.67.