Use the information below to compute the inventory turnover. (The
Use the information below to compute the inventory turnover. (The same company and numbers are used for questions 19 -22),
Selected Financial Data As of December 31, ,
.... ....................................................2007.......... 2006,
Cash $ 8,000 $ 60,000 ,
Marketable securities 32,000 8,000 ,
Accounts receivable 40,000 110,000 ,
Inventory 80,000 140,000 ,
Net property, plant, and equipment 240,000 280,000 ,
Accounts payable 60,000 100,000 ,
Short- term notes payable 30,000 50,000,
Credit sales 600,000 900,000 ,
Cost of goods sold 1,260,000 1,403,000,
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