Guttery Corporation has provided the following financial data from its balance sheet: Sales on account in Year 2 totaled $1,450,000 and cost of goods sold totaled $900,000.The company's inventory turnover for Year 2 is closest to:
A) 5.17
B) 5.56
C) 6.00
D) 0.86

Question

Guttery Corporation has provided the following financial data from its balance sheet:  Sales on account in Year 2 totaled $1,450,000 and cost of goods sold totaled $900,000.The company's inventory turnover for Year 2 is closest to:
A) 5.17 
B) 5.56 
C) 6.00 
D) 0.86

Quizplus · Accepted Answer

The Answer of Guttery Corporation has provided the following financial data from its balance sheet:  Sales on account in Year 2 totaled $1,450,000 and cost of goods sold totaled $900,000.The company's inventory turnover for Year 2 is closest to:
A) 5.17 
B) 5.56 
C) 6.00 
D) 0.86

Guttery Corporation Has Provided the Following Financial Data from Its