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A manufacturing company producing medical devices reported $59 million in sales over the last year. At the end of the same year, the company had $17 million worth of inventory of ready-to-ship devices. Assuming that units in inventory are valued (based on cost of goods sold) at $500 per unit and are sold for $2,000 per unit, what is the company's annual inventory turnover? Note: Round your answer to 1 decimal place.

A manufacturing company producing medical devices reported $59 million in sales over the last year. At the end of the same year, the company had $17 million worth of inventory of ready-to-ship devices. Assuming that units in inventory are valued (based on cost of goods sold) at $500 per unit and are sold for $2,000 per unit, what is the company's annual inventory turnover? Note: Round your answer to 1 decimal place.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PA 10-10 (Algo) A manufacturing company producing medical... A manufacturing company producing medical devices reported $59 million in sales over the last year. At the end of the same year, the company had $17 million worth of inventory of ready-to-ship devices. Assuming that units in inventory are valued (based on cost of goods sold) at $500 per unit and are sold for $2,000 per unit, what is the company's annual inventory turnover? Note: Round your answer to 1 decimal place. Tums
Transcribed Image Text:PA 10-10 (Algo) A manufacturing company producing medical... A manufacturing company producing medical devices reported $59 million in sales over the last year. At the end of the same year, the company had $17 million worth of inventory of ready-to-ship devices. Assuming that units in inventory are valued (based on cost of goods sold) at $500 per unit and are sold for $2,000 per unit, what is the company's annual inventory turnover? Note: Round your answer to 1 decimal place. Tums
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