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The following selected data are taken from the Blake Company's accounts: Sales in 2012 $714,000 Cost of goods sold in 2012 432,000 Accounts receivable, 12/31/12
The following selected data are taken from the Blake Company's accounts:
| Sales in 2012 | $714,000 |
| Cost of goods sold in 2012 | 432,000 |
| Accounts receivable, 12/31/12 | 484,000 |
| Accounts receivable, 1/1/12 | 440,000 |
| Inventory, 1/1/12 | 260,000 |
| Inventory, 12/31/12 | 140,000 |
The inventory turnover rate is:
| A. | 1.66 | |
| B. | 3.57 | |
| C. | 2.16 | |
| D. | 1.35 |
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Wiley CPA Exam Review Auditing And Attestation 2011
Authors: Patrick R. Delaney, O. Ray Whittington
8th Edition
0470554347, 978-0470554340
