Agnes Company Reported the Following Data What Was the Inventory Turnover Ratio?
A) 2

Agnes Company reported the following data: $$\begin{array} { l r } \text { Quick assets } & \$ 55,000 \\\text { Current assets } & 150,000 \\\text { Total liabilities } & 300,000 \\\text { Average net receivables } & 12,600 \\\text { Beginning inventory } & 38,000 \\\text { Long-term liabilities } & 200,000 \\\text { Net credit sales } & 126,000 \\\text { Cost of goods sold } & 84,000 \\\text { Ending inventory } & 46,000\end{array}$$ What was the inventory turnover ratio?

A) 2.2
B) 1.8
C) 2.0
D) 3.0

Correct Answer:

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