The following information pertains to ABC Company for 2021: Inventory at December 31, 2021 P16,000 Purchases of merchandise, all on credit 72,000 Cost of goods sold The company's merchandise inventory turnover for 2021 was 80,000 O 4.0 months 10.0 times O 4.0 times O 3.60 months

The following information pertains to ABC Company for 2021: Inventory at December 31, 2021 P16,000 Purchases of merchandise, all on credit 72,000 Cost of goods sold The company's merchandise inventory turnover for 2021 was 80,000 O 4.0 months 10.0 times O 4.0 times O 3.60 months

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Description: 4G+2:41 PM ě0.OKB/s l8000:50:18 RemainingMultiple ChoiceThe following information pertains toABC Company for 2021:Inventory at December 31, 2021P16,000Purchases of merchandise, all oncredit 72,000Cost of goods soldThe company's merchandiseinventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $ 318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) Calculate inventory turnover for Kingbird, Inc. for 2017, 2018, and 2019. (Round answers to 2 decimal places, e.g. 1.52.) 2017 2018 2019 Inventory turmover
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