Reference no: EM132612465
Problem 1: Based on the following data for the current year, what is the inventory turnover?
Sales on account during year $700,000
Cost of goods sold during year 270,000
Accounts receivable, beginning of year 45,000
Accounts receivable, end of year 35,000
Inventory, beginning of year 90,000
Inventory, end of year 110,000
Option a. 9.7
Option b. 3.0
Option c. 2.7
Option d. 2.5
Problem 2: Based on the following data, what is the accounts receivable turnover?
Sales on account during year $700,000
Cost of goods sold during year 270,000
Accounts receivable, beginning of year 45,000
Accounts receivable, end of year 35,000
Inventory, beginning of year 90,000
Inventory, end of year 110,000
Option a. 2.6
Option b. 20.0
Option c. 17.5
Option d. 15.5
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