The records of Kaitlyn Corporation showed the following on December 31, 2020: Gross Purchases $380,000 Purchase Returns $20,000 Gross Profit $420,000 Beginning Inventory $30,000 Net Sales Revenue $700,000 Sales Returns $50,000 Calculate Kaitlyn Corporation's Inventory Turnover Ratio for 2020? (round to two decimal places) О 35 O 4.0 О 3.29 4.21 O There is not enough information to answer the question.

The records of Kaitlyn Corporation showed the following on December 31, 2020: Gross Purchases $380,000 Purchase Returns $20,000 Gross Profit $420,000 Beginning Inventory $30,000 Net Sales Revenue $700,000 Sales Returns $50,000 Calculate Kaitlyn Corporation's Inventory Turnover Ratio for 2020? (round to two decimal places) О 35 O 4.0 О 3.29 4.21 O There is not enough information to answer the question.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,...

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Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
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