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To measure inventory management performance, a company monitors its inventory turnover ratio. Listed below are selected data from the company’s accounting records:
Beginning finished goods inventory for the current year was 15% of the prior year’s annual sales, and ending finished goods inventory was 22% of the current year’s annual sales. What was the company’s inventory turnover at the end of the current period? A. 2.73 B. 2.31 C. 3.47 D. 1.82 |