Answered: JP Vineyards has sales of $891,000, a…

JP Vineyards has sales of $891,000, a gross profit margin of 0.322, and inventory of $179,000. What is the company's inventory turnover ratio? Round to two decimal places.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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JP Vineyards has sales of $891,000, a gross profit margin of 0.322, and inventory of $179,000. What is the company's inventory turnover ratio? Round to two decimal places.

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