The cost of goods sold for Peterson Fashions is $360,000. The beginning inventory for the firm was $20,000. Twelve months later the ending inventory was $40,000. What is the firm's inventory turnover?
A. 6 times a year
B. 9 times a year
C. 12 times a year
D. 18 times a year
E. 24 times a year
Answer: C
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