Jones Companys sales are $1,000,000 and the gross margin percentage is 60%. The beginning and ending inventory

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Jones Company’s sales are $1,000,000 and the gross margin percentage is 60%.

The beginning and ending inventory balances are $240,000 and $260,000, respectively.

What is the inventory turnover?

a. 1.60

b. 2.40

c. 3.40

d. 3.60

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ISE Introduction To Managerial Accounting

ISBN: 9781260091755

8th Edition

Authors: Peter Brewer, Ray Garrison, Eric Noreen

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