Selected data pertaining to Lore Co. for the calendar Year 4 is as follows: Net cash sales | $3,000 | Cost of goods sold | 18,000 | Inventory at beginning of year | 6,000 | Purchases | 24,000 | Accounts receivable at beginning of year | 20,000 | Accounts receivable at end of year | 22,000 |
The accounts receivable turnover for Year 4 was 5.0 times. What were Lore's Year 4 net credit sales?
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a. | $107,000 | |
b. | $110,000 | |
c. | $105,000 | |
d. | $210,000 |
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