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Cromwell Company began the year with a balance in inventory of $119,000 and ended the...

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Accounting

Cromwell Company began the year with a balance in inventory of $119,000 and ended the year with a balance of $111,000. The net sales for the year were $1,001,000 with a gross profit on sales of $304,000. The inventory turnover ratio is closest to:

a) 8.70

b) 2.74

c) 6.06

d) 2.55

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