Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 19, 2024

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. (Round your answer to two decimal places.) A. 9.52 times B. 20.9 times C. 4.79 times D. 10.45 times

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

IFRS 3rd edition

1118978080, 978-1119153726, 1119153727, 978-1119153702, 978-1118978085

Students also viewed these Accounting questions

Question

5. Use movements, gestures, and voice inflectionwalk around the room, point, and speak softly and then more emphatically. (My husband has been known to jump up on his desk to make an important point...

Answered: 1 week ago

Question

★★★★★

During its first year of operations, Spring Garden Plans earned revenue of $322,000 on account. Industry experience suggests that bad debts will amount to 2% of revenues. At December 31, 2012,...

Answered: 1 week ago

Question

★★★★★

Which of the following is true about the national party conventions? A . They historically allow for open debate about the qualifications of the presidential nominees. B . They determine the...

Answered: 1 week ago

Question

★★★★★

Suppose that you are appointed as project manager in infrastructure delivery project under Belt and Road Initiative. Generally speaking, the project manager's role is to manage a project and achieve...

Answered: 1 week ago

Question

★★★★★

Explain the various techniques of Management Development.

Answered: 1 week ago

Question

★★★★★

Find the probability of getting at least 4 times heads on tossing an unbiased coin for 10 times by using the binomial distribution ?

Answered: 1 week ago

Question

★★★★★

On average every 3 out of 12 telephones is found busy. 7 telephone numbers are selected at random. Find the probability that 6 of them will be busy.(Give your answer to 4 d.p)

Answered: 1 week ago

Question

★★★★★

Select a data collection method of your choice. Write a measurable and precise objective that can be measured through the method you selected. Then, provide the justification (e.g., pros and cons)...

Answered: 1 week ago

Question

★★★★★

Write an essay-type paper in which you summarize the rational-emotive model in your own words. Be sure to include the following elements: Brief general information about Albert Ellis. Definition of...

Answered: 1 week ago

Previous Question Next Question