Question
The following balances come from the financial statements of Way Industries: Sales revenue $850,000 Accounts receivable $280,000 Beginning inventory $50,000 Ending inventory $30,000 Net purchases
The following balances come from the financial statements of Way Industries:
| Sales revenue | $850,000 |
| Accounts receivable | $280,000 |
| Beginning inventory | $50,000 |
| Ending inventory | $30,000 |
| Net purchases | $460,000 |
| Sales returns | $50,000 |
| Sales discount | $20,000 |
Given this information, what is the company's inventory turnover ratio?
12.0.
28.33.
21.25.
16.0.
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
