Lid On It hat shop has an inventory turn ratio of 6.2, $1.55 million in annual sales, and $620,000 cost of goods sold for the same annual period. What is its average inventory? a. $62,000 b. $100,000 c. $250,000

Lid On It hat shop has an inventory turn ratio of 6.2, $1.55 million in annual sales, and $620,000 cost of goods sold for the same annual period. What is its average inventory? a. $62,000 b. $100,000 c. $250,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Lid On It hat shop has an inventory turn ratio of 6.2, $1.55 million in
annual sales, and $620,000 cost of goods sold for the same annual
period. What is its average inventory?
a. $62,000
b. $100,000
c. $250,000

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