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Thompson TV and Appliance reported the following in its 2021 financial statements: ...

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Accounting

Thompson TV and Appliance reported the following in its 2021 financial statements:

2021
Sales $ 431,000
Cost of goods sold:
Inventory, January 1 73,000
Net purchases 337,000
Goods available for sale 410,000
Inventory, December 31 104,000
Cost of goods sold 306,000
Gross profit $ 125,000

Thompson's 2021 inventory turnover ratio is: (Round your answer to two decimal places.)

Multiple Choice

  • 2.94.

  • 4.87.

  • 3.46.

  • 4.14.

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