Selected financial information for Fanning Company for Year 4 follows: Sales $ 1,750,000 Cost of goods sold 1,225,000 Merchandise inventory Beginning of year 159,000 End
Selected financial information for Fanning Company for Year 4 follows:
| Sales | $ | 1,750,000 | |
| Cost of goods sold | 1,225,000 | ||
| Merchandise inventory | |||
| Beginning of year | 159,000 | ||
| End of year | 197,000 | ||
Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? (Round your answer to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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
Authors: Cataldo Cpa II, Cma Cgma A J
2nd Edition
1634929241, 978-1634929240
