Question

The robin's nest offers upscale children's furniture from newborn through grade school. the shop has total assets of $350,000, current assets of $74,000, total liabilities of $280,000, accounts receivable of $12,000, and end-of-the-year inventory valued at $23,000. what is the retailer's inventory turnover?

a. 6.6 percent
b. 8.2 percent
c. 31.9 percent
d. cannot be determined from information given

Answer 1

The inventory turnover cannot be calculated from the information provided because the cost of goods sold is not given.

Step-by-step explanation:

The question at hand involves calculating the inventory turnover, which is a measure of how many times a company's inventory is sold and replaced over a period of time.

To determine the inventory turnover, we need to know the cost of goods sold (COGS) and the average inventory.

Since the cost of goods sold is not provided, we cannot calculate the inventory turnover. Therefore, the correct answer is d. cannot be determined from information given.