In 2020, the company's inventory turnover ratio was 7.64. What is their Inventory Turnover ratio for the year 2021?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Skynet Unlimited is an innovator in the new industry of neural-networked computer manufacturing. They
employ about 50 employees in their automated factories. The following table shows a summary of data
extracted from their financial accounts at the end of accounting year 2021.
Summary of Financial Account data 2021 (in thousands dollars)
Sales Revenue
Profit before tax
Cost of goods sold
300
78
165
Capital employed
Starting inventory
1,062
29
Ending inventory
34
In 2020, the company's inventory turnover ratio was 7.64. What is their Inventory Turnover ratio for the
year 2021?
note: write the number with at most 2 decimal places (eg. 95.17)
Transcribed Image Text:Skynet Unlimited is an innovator in the new industry of neural-networked computer manufacturing. They employ about 50 employees in their automated factories. The following table shows a summary of data extracted from their financial accounts at the end of accounting year 2021. Summary of Financial Account data 2021 (in thousands dollars) Sales Revenue Profit before tax Cost of goods sold 300 78 165 Capital employed Starting inventory 1,062 29 Ending inventory 34 In 2020, the company's inventory turnover ratio was 7.64. What is their Inventory Turnover ratio for the year 2021? note: write the number with at most 2 decimal places (eg. 95.17)
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