11 ) Apollo reported the following in its 2021 financialstatements:2021SalesP420,000Cost of goods sold:Inventory, January 182,000Net purchases340,000Goods available for sale422,000Inventory, December 3186.000Cost of goods sold336.000Gross profitP 84.000Apollo's 2021 inventory turnover ratio is:4.885.003.914.00

formula used: Inventory turnover = Cost of goods sold / Average inventory

Answered: Apollo reported the following in its…

Apollo reported the following in its 2021 financial statements: 2021 Sales P420,000 Cost of goods sold: 82,000 340.000 422,000 Inventory, January 1 Net purchases Goods available for sale

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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Question

11 )

Apollo reported the following in its 2021 financial
statements:
2021
Sales
P420,000
Cost of goods sold:
Inventory, January 1
82,000
Net purchases
340,000
Goods available for sale
422,000
Inventory, December 31
86.000
Cost of goods sold
336.000
Gross profit
P 84.000
Apollo's 2021 inventory turnover ratio is:
4.88
5.00
3.91
4.00

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