Selected information from Game World, Inc.'s December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income 2022 $ 83,000 92,000 420,000 257,000 835,000 515,000 73,000 2021 $79,000 81,000 379,000 219,000 750,000 425,000 56,000 Compute the company's 2022 inventory turnover ratio. (Round your answer to 1 decimal place.)
Selected information from Game World, Inc.'s December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income 2022 $ 83,000 92,000 420,000 257,000 835,000 515,000 73,000 2021 $79,000 81,000 379,000 219,000 750,000 425,000 56,000 Compute the company's 2022 inventory turnover ratio. (Round your answer to 1 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 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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