Refer to the following selected financial information from Texas Electronics. Compute the companys inventory turnover...
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Accounting
Refer to the following selected financial information from Texas Electronics. Compute the companys inventory turnover for Year 2.
| Year 2 | Year 1 | |||||
| Cash | $ | 37,900 | $ | 32,650 | ||
| Short-term investments | 94,000 | 62,000 | ||||
| Accounts receivable, net | 87,500 | 81,500 | ||||
| Merchandise inventory | 123,000 | 127,000 | ||||
| Prepaid expenses | 12,500 | 10,100 | ||||
| Plant assets | 390,000 | 340,000 | ||||
| Accounts payable | 111,400 | 109,800 | ||||
| Net sales | 713,000 | 678,000 | ||||
| Cost of goods sold | 392,000 | 377,000 | ||||
Multiple Choice
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3.19.
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3.14.
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3.54.
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3.09.
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5.80.
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