(Answered) Question - selected year-end data for the brayer company

Accounting

Question - Selected year-end data for the Brayer Company are presented below:

Current liabilities $600,000

Acid-test ratio 2.5 to 1

Current ratio 3.0 to 1

Cost of goods sold $500,000

The company has no prepaid expenses and inventories remained unchanged during the year. Based on these data, the company's inventory turnover ratio for the year was closest to:

a. 1.20 times.

b. 2.40 times.

c. 1.67 times.

d. 2.33 times.

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