Question
The following information was taken from Parkers Department Stores financial statements: Inventory, 1/1/x1.$100,000 Inventory, 12/31/x1.$300,000 Net sales...$2,000,000 Net purchases.$700,000 What was Parkers inventory turnover for
The following information was taken from Parkers Department Stores financial statements:
Inventory, 1/1/x1.$100,000
Inventory, 12/31/x1.$300,000
Net sales...$2,000,000
Net purchases.$700,000
What was Parkers inventory turnover for x1?
a. 2.5 times
b. 3.5 times
c. 10 times
d. 5 times
Show solution plz.
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
20th edition
77729145, 978-1259295430, 1259295435, 978-0077729141
