Elephant, Inc.'s cost of goods sold for the year is $2,000,000, and the average merchandise inventory for the year is $129,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.)
A) 6.45 times
B) 15.50 times
C) 7.75 times
D) 9.36 times
Correct Answer:
Verified
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