Financial statements for Harwich Company for the most recent year appear below: The balances in the Cash, Accounts Receivable, Inventory, Bonds Payable, Common Stock, and Additional Paid-In Capital accounts are unchanged from the beginning of the year. A $0.75 per share dividend was declared and paid during the year. On December 31, Harwich Company's common stock was trading at $24.00 per share.
-Harwich Company's inventory turnover ratio for the year was closest to:
A)8
B)3
C)5
D)7.5

Question

Financial statements for Harwich Company for the most recent year appear below:   The balances in the Cash, Accounts Receivable, Inventory, Bonds Payable, Common Stock, and Additional Paid-In Capital accounts are unchanged from the beginning of the year. A $0.75 per share dividend was declared and paid during the year. On December 31, Harwich Company's common stock was trading at $24.00 per share.
-Harwich Company's inventory turnover ratio for the year was closest to:
A)8 
B)3 
C)5 
D)7.5

Quizplus · Accepted Answer

Inventory turnover = Cost of goods sold F1F1F1S1F1F1F10 Average inventory balance = $750 F1F1F1S1F1F1F10 $150 = 5

Financial Statements for Harwich Company for the Most Recent Year