Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at the beginning of the year, and inventory is $25,000 at the end of the year. Calculate the inventory turnover ratio. (Round your answer to one decimal place)
Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at the beginning of the year, and inventory is $25,000 at the end of the year. Calculate the inventory turnover ratio. (Round your answer to one decimal place)
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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Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at the beginning of the year, and inventory is $25,000 at the end of the year. Calculate the inventory turnover ratio. (Round your answer to one decimal place)
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