company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The inventory turnover ratio for 2024 is: Note: Round your answer to two decimal places. 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 33,000 142,000 175,000 46,000 129,000 $164,400
company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The inventory turnover ratio for 2024 is: Note: Round your answer to two decimal places. 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 33,000 142,000 175,000 46,000 129,000 $164,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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