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Assignment help 1043

Benson Company shows the following data on its 2014 Financial Statements:

Acct receivable, Jan 1 $720,000

Acct receivable Dec 31, 960,000

Merch inventory Jan 1 900,000

Merch inventory Dec 31, 1,020,000

Gross Sales 4,8000,000

Sales returns and allowances 180,000

Net Credits Sales 4,620,000

Cost of goods sold 3,360,000

Earnings before interest and taxes (Operating income) 720,000

Interest on bonds 192,000

Net income 384,000

The inventory turnover is:

A. 5.0 times per year B. 4.8125 times per year C. 4.0 times per year D. 3.5 times per year


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