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.