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What was the inventory turnover ratio

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Reference no: EM132808820

Selected information for 2019 is:

cost of goods sold, $4,000,000;

average inventory, $2,000,000;

net sales, $8,000,000;

average receivables, $980,000; and net income, $700,000.

Problem 1: Assuming a 360-day year, what was the inventory turnover ratio for 2019?

a) 2.5

b) none of these

c) 20

d) 2.0

e) 5

Reference no: EM132808820

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