On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year, the cost value of the inventory was $173,200. If annual cost of goods sold was $1,609,170, find the inventory turnover at cost for the year. Round your answer to the nearest tenth.
On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year, the cost value of the inventory was $173,200. If annual cost of goods sold was $1,609,170, find the inventory turnover at cost for the year. Round your answer to the nearest tenth.
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...
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