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Given the following information, how many times does the firm turnover its inventory during the year? (Do not round intermediate calculations. Round the final answer
Given the following information, how many times does the firm turnover its inventory during the year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Average inventory = $47,500 Beginning inventory = $50,000 Ending inventory = $45,000 Beginning Accounts Receivable = $60,000 Ending Accounts Receivable = $66,000 Beginning Accounts Payable = $70,000 Ending Accounts Payable = $84,000 Sales = $1,000,000 % credit sales = 60% Cost of goods sold = $450,000
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