Below is financial data for Fawnsworth Industries' current year. Net sales on account during year $500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000 Refer to the data for Fawnsworth Industries. Based on this information, what is Fawnsworth's
inventory turnover ratio for the current period?
a. 1.67 times
b. 2.73 times
c. 0.33 times
d. 3.00 times
d
Business
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