7. Jackson Company reports annual cost of goods sold of $240…

7. Jаcksоn Cоmpаny repоrts аnnual cost of goods sold of $240,000. Jackson’s beginning inventory was $40,000, and its ending inventory was $56,000. Use the following formulas: Average inventory = (Beginning inventory + Ending inventory) ÷ 2Inventory turnover = Cost of goods sold ÷ Average inventory What is Jackson Company’s inventory turnover ratio? 1. 4.3 times 2. 4.8 times 3. 5.0 times 4. 5.5 times Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.