Omega Solutions had the following information for the year ended December 31, 2023: Cost of Goods Sold (COGS): $10,500,000 2022-ending Inventory: $3,800,000 2023-ending Inventory: $4,200,000 Net Sales: $12,000,000 2022-ending Receivables: $2,100,000 2023-ending Receivables: $1,900,000 Net Income: $75,000 Assuming a 360-day year, what was the inventory turnover ratio for 2023?

Omega Solutions had the following information for the year ended December 31, 2023: Cost of Goods Sold (COGS): $10,500,000 2022-ending Inventory: $3,800,000 2023-ending Inventory: $4,200,000 Net Sales: $12,000,000 2022-ending Receivables: $2,100,000 2023-ending Receivables: $1,900,000 Net Income: $75,000 Assuming a 360-day year, what was the inventory turnover ratio for 2023?

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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