Question
Selected financial information for Fanning Company for Year 4 follows. Sales $1,600,000 Cost of goods sold 1,120,000 Merchandise inventory Beginning of year 154,000 End of
Selected financial information for Fanning Company for Year 4 follows.
| Sales | $1,600,000 |
|---|---|
| Cost of goods sold | 1,120,000 |
| Merchandise inventory | |
| Beginning of year | 154,000 |
| End of year | 190,000 |
Required 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.)
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Cost Accounting Concepts And Applications For Managerial Decision Making
Authors: Ralph S. Polimeni, James A. Cashin, Frank J. Fabozzi, Arthur H. Adelberg
2nd Edition
0070103100, 978-0070103108
