Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

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Question

Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

Laware Corporation has provided the following data:

	This Year	Last Year
Accounts receivable...........	$118,000	$138,000
Inventory...........................	$180,000	$170,000
Sales on account................	$714,000
Cost of goods sold.............	$447,000

The inventory turnover for this year is closest to:

Question 40 options:

	2.55
	0.94
	2.48
	1.06

business accounting

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Answer 1

Answer #1

Inventory Turnover = Cost of Goods Sold/Average Inventory

=447,000/(180,000 + 170,000)/2

=2.55

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Answer 2

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Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

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