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The income statement of Racquel Jeter Consulting (RJC) has a gross profit of $107,000, and its gross profit margin is 42%. RJC's inventory turnover is closest to  A.

The income statement of Racquel Jeter Consulting (RJC) has a gross profit of $107,000, and its gross profit margin is 42%. RJC's inventory turnover is closest to  A.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.12MCE
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The income statement of Racquel Jeter Consulting (RJC) has a gross profit of $107,000, and its gross profit margin is 42%. RJC's inventory turnover is closest to 

A.

2.02 times.

B.

3.02 times.

C.

4.02 times.

D.

5.02 times.

Racquel Jeter Consulting December 31 Balance Sheets (in thousands of dollars) Assets Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ $ $ $ $ $ 2018 102,850 103,365 38,444 $ 89,725 85,527 34,982 $ 210,234 42,436 $ $ 311,824 2017 244,659 67,165 311,824 $ 252,670 $ 30,761 23,109 30,477 22,656 16,717 14,217 77,955 $ 59,982 76,264 63,914 154,219 $ 123,896 100,000 90,000 57,605 38,774 157,605 $ 128,774 $ 252,670
Transcribed Image Text:Racquel Jeter Consulting December 31 Balance Sheets (in thousands of dollars) Assets Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ $ $ $ $ $ 2018 102,850 103,365 38,444 $ 89,725 85,527 34,982 $ 210,234 42,436 $ $ 311,824 2017 244,659 67,165 311,824 $ 252,670 $ 30,761 23,109 30,477 22,656 16,717 14,217 77,955 $ 59,982 76,264 63,914 154,219 $ 123,896 100,000 90,000 57,605 38,774 157,605 $ 128,774 $ 252,670
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