Peak Athletics had an inventory of $10,500 on Jan 1, 2016, and $15,500 on Dec 31, 2016. Sales for 2016 were $320,000, and the company's gross profit percentage was 40%. What was the inventory turnover for Peak Athletics for 2016?

Peak Athletics had an inventory of $10,500 on Jan 1, 2016, and $15,500 on Dec 31, 2016. Sales for 2016 were $320,000, and the company's gross profit percentage was 40%. What was the inventory turnover for Peak Athletics for 2016?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....

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What was the inventory turnover for peak athletics for 2016 on these financial accounting question?

Peak Athletics had an inventory of $10,500 on Jan 1, 2016,
and $15,500 on Dec 31, 2016. Sales for 2016 were
$320,000, and the company's gross profit percentage was
40%. What was the inventory turnover for Peak Athletics
for 2016?

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