I need the answer as soon as possible Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwoodhad the following balances:Accounts receivableInventoriesJanuary 1$725,000450,000December 31$775,000425,000Required:Note: Round answers to one decimal place. Assume 365 days per year.1. Calculate the average inventory.$2. Calculate the inventory turnover ratio.times

Introduction: Inventory turnover ratio = Cost of goods sold / Average Inventory. Division of Average…

Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood had the following balances: Accounts receivable Inventories Required: January 1 December 31 $725,000 $775,000 450,000 425,000

Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood had the following balances: Accounts receivable Inventories Required: January 1 December 31 $725,000 $775,000 450,000 425,000

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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I need the answer as soon as possible

Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood
had the following balances:
Accounts receivable
Inventories
January 1
$725,000
450,000
December 31
$775,000
425,000
Required:
Note: Round answers to one decimal place. Assume 365 days per year.
1. Calculate the average inventory.
$
2. Calculate the inventory turnover ratio.
times

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