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XYZ company presented the following financial information for December 31, 2018 and 2017. 2018 2017 Accounts receivable $40,000 $36,000 Inventory 28,000 35,000 Net sales 190,000
XYZ company presented the following financial information for December 31, 2018 and 2017.
| 2018 | 2017 |
Accounts receivable | $40,000 | $36,000 |
Inventory | 28,000 | 35,000 |
Net sales | 190,000 | 186,000 |
Cost of goods sold | 114,000 | 108,000 |
Total assets | 425,000 | 405,000 |
Total stockholders equity | 240,000 | 225,000 |
Net income | 32,500 | 28,000 |
2018 inventory turnover ratio is:
Select one:
a. 3.96 times
b. 3.62 times
c. 6.03 times
d. 4.07 times
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