Ashley, who owns the wildly successful Tattoo Temple, also runs Hula Hoop Heaven, a store devoted to people who do not work and have devoted their lives full-time to hula hooping. Hula Hoop Heaven has reported accounts receivable of $45,000, current assets of $150,000, a gross margin percentage of 50%, fixed assets of $250,000, an asset turnover of 2, an expense ratio of 25%, and a balance sheet inventory of $100,000. What is the inventory turnover for Hula Hoop Heaven?

Ashley, who owns the wildly successful Tattoo Temple, also runs Hula Hoop Heaven, a store devoted to people who do not work and have devoted their lives full-time to hula hooping. Hula Hoop Heaven has reported accounts receivable of $45,000, current assets of $150,000, a gross margin percentage of 50%, fixed assets of $250,000, an asset turnover of 2, an expense ratio of 25%, and a balance sheet inventory of $100,000. What is the inventory turnover for Hula Hoop Heaven?

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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