Franklin Aerospace has a quick ratio of 2.00x, $38,250 in cash, $21,250 in accounts receivable, some inventory, total current assets of $85,000, and total current liabilities of $29,750. The company reported annual sales of $800,000 in the most recent annual report. Over the past year, how often did Franklin Aerospace sell and replace its inventory

Over the past year, the company sold and replaced its inventory 31.37x

Explanation:

In order to calculate how often did Franklin Aerospace sell and replace its inventory we would have to calculate first the inventory with the following formula:

Current assets=cash+inventory+account receivables

inventory=Current assets-cash-account receivables

inventory=$85,000-$38,250-$21,250

inventory=$25,500

So, to calculate how often did Franklin Aerospace sell and replace its inventory we would have to calculate the Inventory turnover ratio as follows:

Inventory turnover ratio=sales/inventory

Inventory turnover ratio=$800,000/$25,500

Inventory turnover ratio=31.37x

Therefore, over the past year, the company sold and replaced its inventory 31.37x

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answer; intensive use of a sales force and is relatively costly;