Selected financial information for Souta Company for 2015 follows. Sales ............ $3,000,000 Cost of goods sold ......

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Selected financial information for Souta Company for 2015 follows.
Sales ............ $3,000,000
Cost of goods sold ...... 2,100,000
Merchandise inventory
Beginning of year ...... 350,000
End of year ....... 490,000

Required
Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during 2015?

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Related Book For  book-img-for-question

Fundamental Managerial Accounting Concepts

ISBN: 978-0078025655

7th edition

Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old

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