Question: James Audio Co Uses the Periodic inventory system. James reported these amounts on June 30, 2009: Inventory, June 30 2008 $20,000 Inventory, June 30 2009

James Audio Co Uses the Periodic inventory system. James reported these amounts on June 30, 2009:

Inventory, June 30 2008 $20,000

Inventory, June 30 2009 $22,000

Purchase (of inventory) $85000

Purchase Discount 4000

Purchase Return 9000

Frieght in 5000

Sales Revenue 190,000

Sales Returns 20,000

Compute James' inventory turnover ratio.

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