The Philip Company had the following information available for the fiscal year ended December 31, 2010: $\begin{array}{ll}\text { Net sales } & \$ 1,600,000 \
\text { Cost of goods sold } & 1,200,000 \
\text { Merchandise inventory: } &\
&\text { January } 1,2010 & 200,000 \
&\text { December } 31,2010 & 400,000
\end{array}$ Philip's inventory turnover for 2010 was
A)3 times
B)4 times
C)5.33 times
D)6 times

Question

The Philip Company had the following information available for the fiscal year ended December 31, 2010: $\begin{array}{ll}\text { Net sales } & \$ 1,600,000 \
\text { Cost of goods sold } & 1,200,000 \
\text { Merchandise inventory: } &\
&\text { January } 1,2010 & 200,000 \
&\text { December } 31,2010 & 400,000
\end{array}$  Philip's inventory turnover for 2010 was
A)3 times
B)4 times
C)5.33 times
D)6 times

Quizplus · Accepted Answer

The Answer of The Philip Company had the following information available for the fiscal year ended December 31, 2010: $\begin{array}{ll}\text { Net sales } & \$ 1,600,000 \
\text { Cost of goods sold } & 1,200,000 \
\text { Merchandise inventory: } &\
&\text { January } 1,2010 & 200,000 \
&\text { December } 31,2010 & 400,000
\end{array}$  Philip's inventory turnover for 2010 was
A)3 times
B)4 times
C)5.33 times
D)6 times

The Philip Company Had the Following Information Available for the Fiscal