2A2M PEGGY MONAHAN, CONTROLLER, HAS GATHERED THE FOLLOWING INFORMATIO...

55.

CSO: 2A2c

LOS: 2A2m

Peggy Monahan, controller, has gathered the following information regarding Lampasso

Company.

Beginning of the year

End of the year

Inventory

$6,400

$7,600

Accounts receivable

2,140

3,060

Accounts payable

3,320

3,680

Total sales for the year were $85,900, of which $62,400 were credit sales. The cost of

goods sold was $24,500.

Lampasso’s inventory turnover ratio for the year was

a.

3.2 times.

b.

3.5 times.

c.

8.2 times.

d.

8.9 times.