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(Solution document) Question 14 (2 points) Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal):


Question 14 (2 points)

 

Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal):

Alpha Company

December 31

Accounts

2016

2015

Merchandise Inventory

$1,200,000 

$800,000 

Office Supplies

25,000

20,000

Sales

3,000,000

2,500,000

Cost of Goods Sold

2,500,000

1,600,000

Freight Out

15,000

10,000

What is the FY 2016 inventory turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times)

 


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