What was the firm's inventory turnover for 2018? a. 6.67 b. 4 c. 6 d. 3.69 Sales
Question:
What was the firm's inventory turnover for 2018?
a. 6.67
b. 4
c. 6
d. 3.69
Sales revenues for 2018 were \(\$ 800,000\), gross profit was \(\$ 320,000\), and net income was \(\$ 36,000\). The income tax rate was 40 percent. One year ago, accounts receivable (net) were \(\$ 76,000\), inventory was \(\$ 110,000\), total assets were \(\$ 460,000\), and stockholders' equity was \(\$ 260,000\). The bonds payable were outstanding all year and the 2018 interest expense was \(\$ 12,000\).
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