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Compute what the inventory turnover was

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Reference no: EM132724861

The following information was available for the year ended December 31, 2019:

Net sales $ 300,000

Cost of goods sold 210,000

Average accounts receivable for the year 15,000

Accounts receivable at year-end 18,000

Average inventory for the year 60,000

Inventory at year-end 70,000

Problem 1: The inventory turnover for 2019 was:

Multiple choice:

Option 1: 4.3 times

Option 2: 3.0 times

Option 3: 5.0 times

Option 4: 3.5 times

Reference no: EM132724861

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