Anderson Farms, Inc. provided the following for 2018:Cost of Goods Sold (Cost of sales)Beginning Merchandise InventoryEnding Merchandise Inventory$1,000,000335,000350,000Calculate the company's inventory turnover ratio for the year. (Round your answer to two decimal places.)O A. 2.92 times per yearO B. 1.46 times per yearO C. 2.86 times per yearO D. 2.99 times per year

Name: Anderson Farms, Inc. provided the following for 2018:Cost of Goods So
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Description: Anderson Farms, Inc. provided the following for 2018:Cost of Goods Sold (Cost of sales)Beginning Merchandise InventoryEnding Merchandise Inventory$1,000,000335,000350,000Calculate the company's inventory turnover ratio for the year. (Round your answ

The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

Business

Accounting

Cost of Goods Sold (Cost of sales) $1,000,000 Beginning Merchandise Inventory Ending Merchandise Inventory 335.000 350,000 Calculate the company's inventory turnover ratio for the year. (Round your answer to two decimal places.) O A. 2.92 times per year O B. 1.46 times per year OC. 2.86 times per year O D. 2.99 times per year

Cost of Goods Sold (Cost of sales) $1,000,000 Beginning Merchandise Inventory Ending Merchandise Inventory 335.000 350,000 Calculate the company's inventory turnover ratio for the year. (Round your answer to two decimal places.) O A. 2.92 times per year O B. 1.46 times per year OC. 2.86 times per year O D. 2.99 times per year

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...

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