Given the following information for Blue Bell Company for last year:
Net sales (all on account)$5,200,000Cost of goods sold2,080,000Interest expense240,000Income tax expense280,000Net income420,000Income tax rate40%Total assets: January 1$1,800,000 December 312,400,000Shareholders’ equity (all common): January 11,500,000 December 311,600,000Current assets, December 31700,000Quick assets, December 31400,000Current liabilities, December 31300,000Net accounts receivable: January 1200,000 December 31180,000Inventory: January 1210,000 December 31250,000
Refer to Exhibit 4-1. Blue Bell’s inventory turnover for the year was
a)11.1%
b)9.0 times
c)8.3 times
d)12.0%
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