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Problem 1: Bonita, Inc. had a beginning inventory of $55,000 and an ending inventory of $25,000. Their cost of goods sold for the year was $170,000. Approximately how often did Bonita sell its entire inventory? Option 1: every 47.10 days Option 2: every 85.88 days Option 3: every 53.68 days Option 4: every 118.09 days
Problem 2: The average number of times a company's inventory is sold during an accounting period is the:
Option 1: Inventory turnover
Option 2: Collection Period Option 3: Accounts receivable turnover Option 4: Days' sales uncollected Option 5: Current ratio
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