Calculate the company's inventory turnover ratio for the year. (Round your answer to two decimal places.)
Anderson Farms Company provided the following for 2018:
A) 4.00 times per year
B) 2.55 times per year
C) 1.88 times per year
D) 1.28 times per year
B) 2.55 times per year
Explanation: B) Inventory turnover = Cost of goods sold / Average merchandise inventory
2.55 = 1,200,000 / 470,000
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