Apollo reported the following in its 2021 financial statements: 2021 Sales P420,000 Cost of goods sold: 82,000 340.000 422,000 Inventory, January 1 Net purchases Goods available for sale
Apollo reported the following in its 2021 financial statements: 2021 Sales P420,000 Cost of goods sold: 82,000 340.000 422,000 Inventory, January 1 Net purchases Goods available for sale
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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11 )
![Apollo reported the following in its 2021 financial
statements:
2021
Sales
P420,000
Cost of goods sold:
Inventory, January 1
82,000
Net purchases
340,000
Goods available for sale
422,000
Inventory, December 31
86.000
Cost of goods sold
336.000
Gross profit
P 84.000
Apollo's 2021 inventory turnover ratio is:
4.88
5.00
3.91
4.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F644c8ae3-4dd4-4c80-a1b6-13941a54dd59%2Fb96d2dd2-52df-498e-a694-893c349d5c4f%2Fv9tbpy_processed.png&w=3840&q=75)
Transcribed Image Text:Apollo reported the following in its 2021 financial
statements:
2021
Sales
P420,000
Cost of goods sold:
Inventory, January 1
82,000
Net purchases
340,000
Goods available for sale
422,000
Inventory, December 31
86.000
Cost of goods sold
336.000
Gross profit
P 84.000
Apollo's 2021 inventory turnover ratio is:
4.88
5.00
3.91
4.00
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