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Determine what inventory turnover is

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Problem 1: A company has total sales of P300,000 with a gross profit ratio of 35%. Inventory at the beginning of the period was P50,000 and at the end of the period was P70,000. Net income is P40,000. Inventory turnover is

A. 5 times                  C. 1.75 times

B. 3.25 times              D. 0.67 times

Problem 2: The times interest earned ratio of McHoggan Company is 4.5times. The interest expense for the year was P20,000 and the company's tax rate is 40%. The company's net income is:

A. P22,000          C. P42,000

B. P54,000          D. P66,000

Reference no: EM132738927

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