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Excerpts from TPX Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017 Accounts receivable $80,000 $72,000 Inventory 84,000 70,000 Net sales
Excerpts from TPX Company's December 31, 2018 and 2017, financial statements are presented below:
2018 | 2017 | |
Accounts receivable | $80,000 | $72,000 |
Inventory | 84,000 | 70,000 |
Net sales | 400,000 | 372,000 |
Cost of goods sold | 254,000 | 216,000 |
Total assets | 850,000 | 810,000 |
Total stockholders equity | 500,000 | 450,000 |
Net income | 75,000 | 56,000 |
TPX Company's 2018 inventory turnover is (rounded to one decimal place):
3.0 times.
5.2 times.
3.3 times.
3.6 times.
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