Question
Elephant, Inc.'s cost of goods sold for the year is $2,800,000, and the average merchandise inventory for the year is $134,000. Calculate the inventory turnover
Elephant, Inc.'s cost of goods sold for the year is $2,800,000, and the average merchandise inventory for the year is $134,000. Calculate the inventory turnover ratio of the company.
A. 9.52 times
B. 20.9 times
C. 4.79 times
D. 10.45 times
Step by Step Solution
3.52 Rating (162 Votes )
There are 3 Steps involved in it
Step: 1
Inventory Turnover Ratio Cost of goods sold Average Inve...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial ACCT2
Authors: Norman H. Godwin, C. Wayne Alderman
2nd edition
9781285632544, 1111530769, 1285632540, 978-1111530761
