QUESTION 1 Assets: Cash and short-term investments average.. Accounts receivable

Question

QUESTION 1 Assets: Cash and short-term investments average.. Accounts receivable (net) average.... Inventory average.... Property, plant and equipment average....210.000 Total Assets Average.... ....$40,000 ...20,000 $295,000 Income Statement $85,000 40,000 $20,000 Cost of goods sold...45.000 Gross margin Operating expenses What is the inventory turnover for this company? O 2 times 0 2.25 times O 1 time O .44 time QUESTION 2 Assets Cash and short-term investments average..$40,000 . .25,000 Inventory average. 20,000 Property, plant and equipment average.210,000 . $295,000 What is the receivable turnover for this company? Income Statement sales. $.000 Cost of goods sold. Gross margin Net income 45,000 40,000 Operating expenses...20000 .20,000 2.8 times O 2 times O 3.4 times O 3 times

Explanation / Answer

Cost of Goods sold = $45,000

Average Inventory = $20,000

Inventory Turnover ratio = Cost of Goods sold / inventory = $45,000/$20,000 = 2.25.

Therefore, the correct answer is option B.

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