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Oliver Inc. reported Net revenues of $19,425,412 and Cost of goods sold of $7,204,884 in its Year 2 financial statement. Note 3 to the financial
Oliver Inc. reported Net revenues of $19,425,412 and Cost of goods sold of $7,204,884 in its Year 2 financial statement. Note 3 to the financial statements reported that Inventories consisted of: Year 2 Year 1 Beer making and packaging Materials $ 817,836 $ 690,292 Work-in-process 6,634,014 6,058,701 Finished goods 4,518,806 3,883,469 Total inventories $11,970,656 $10,632,462 The inventory turnover for Year 2 was: Group of answer choices 0.57 0.64 0.59 1.71 None of the above
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