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Which of the statements is true for polk software inc

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Polk Software Inc. has a quick ratio of 2.00x, $32,850 in cash, $18,250 in accounts receivable, some inventory, total current assets of $73,000, and total current liabilities of $25,550. The company reported annual sales of $100,000 in the most recent annual report. Additionally, the company's cost of goods sold is 75% of sales.

Problem 1: Over the past year, how often did Polk Software Inc. sell and replace its inventory?

Option 1: 2.86x

Option 2: 8.01x

Option 3: 3.76x

Option 4: 3.42x

Problem 2: The inventory turnover ratio across companies in the software industry is 3.762x. Based on this information, which of the following statements is true for Polk Software Inc.?

Option 1: Polk Software Inc. is holding more inventory per dollar of sales compared with the industry average.

Option 2: Polk Software Inc. is holding less inventory per dollar of sales compared with the industry average.

Reference no: EM132990921

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