The Following Balance Sheet Information Is Provided for Gaynor Company

The following balance sheet information is provided for Gaynor Company: Assuming Year 2 cost of goods sold is $153,300, what is the company's inventory turnover?
$$\begin{array} { | l | r r | r r | } \hline \text { Assets } & & 2014 & 2013 \\\hline \text { Cash } & \$ & 4,000 & \$ & 2,000 \\\hline \text { Accounts receivable } & & 15,000 & & 12,000 \\\hline \text { Inventory } & \$ & 35,000 & \$ & 38,000 \\\hline\end{array}$$

A) 4.0 times
B) 4.4 times
C) 4.2 times
D) None of these answers is correct.

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free