Question - The 2012, 2013, and 2014 partial balance sheets for Ottoman Manufacturing Company appear below.
|
2012
|
2013
|
2014
|
|
Current Assets
|
|
|
|
|
Cash
|
$20,000
|
$ 16,000
|
$ 14,000
|
|
Accounts Receivable, net
|
28,000
|
20,000
|
24,000
|
|
Inventory
|
22,000
|
30,000
|
28,000
|
|
Total Current Assets
|
70,000
|
66,000
|
66,000
|
|
Plant & Equipment, net
|
62,000
|
60,000
|
40,000
|
|
Total Assets
|
132,000
|
126,000
|
106,000
|
Sales revenue for Ottoman was $126,000 for 2012, $120,000 for 2013 and $114,000 for 2014 while cost of goods sold was $84,000 for 2012, $82,400 for 2013 and $72,500 for 2014.
What is the inventory turnover for 2013?
2.75 times
4.00 times
3.17 times
4.14 times