Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances

are normal):

Alpha Company

December 31

Accounts

2016

2015

Merchandise Inventory

$1,200,000 

$800,000 

Office Supplies

25,000

20,000

Sales

3,000,000

2,500,000

Cost of Goods Sold

2,500,000

1,600,000

Freight Out

15,000

10,000

What is the FY 2016 inventory turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times)

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The following is a partial Adjusted Trial Balance for Alpha Company for the

month:

Alpha Company

Adjusted Trial Balance (partial)

January 31, 2016

Accounts

Debit

Credit

Inventory

$2,750

Sales

$10,000

Sales Discounts

200

Sales Returns & Allowances

1,200

Purchases

4,000

Purchases Discounts

150

Purchase Returns & Allowances

450

Freight In

50

Advertising Expense

150

Depreciation Expense

130

Freight Out

70

Income Tax Expense

500

Salaries Expense

500

Utilities Expense

100

Additionally, Inventory for December 31, 2015 was $2,500. Submit a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.

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