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Home Q & A Board Other Fields Homework Help Business Accounting
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ejoty ejoty
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A month ago
The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below.

​​202020212022
Current assets​​​
  Cash$  20,000$  16,000$  14,000
  Accounts receivable, net28,00020,00024,000
  Inventory    22,000    30,000    28,000
Total current assets70,00066,00066,000
Plant & equipment, net    62,000    60,000    40,000
Total assets$132,000$126,000$106,000

Net credit sales for Ottoman were $126,000 for 2020, $120,000 for 2021 and $114,000 for 2022, while cost of goods sold was $84,000 for 2020, $82,400 for 2021 and $72,500 for 2022.

What is the inventory turnover for 2021?

▸ 2.75 times

▸ 4.14 times

▸ 3.17 times

▸ 4.00 times
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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duhelloduhello
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A month ago
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More solutions for this book are available here
3.17 times

$82,400 ÷ [($22,000 + $30,000) ÷ 2] = 3.17 times
1

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ejoty Author
wrote...

A month ago
Thanks
nsak
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Yesterday
Helped a lot
jbarnett14
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2 hours ago
Correct Slight Smile TY
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