Procter & Gamble is a business that manufactures and sells kitchenware. For the year ended 30 June 2021, sales revenue for the business is $764 760 which includes 30% credit sales with the balance of sales in cash. The gross profit ratio is 50% and operating expenses are $250 470. Other relevant balances are listed below: 30 June 2021 30 June 2020 Cash $5 000 $12 000 Accounts receivable 22 520 21 830 Inventory 29 190 29 910 Required:   Calculate inventory turnover for the year ended 30 June 2021. Round your answer to two decimal places.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Procter & Gamble is a business that manufactures and sells kitchenware. For the year ended 30 June 2021, sales revenue for the business is $764 760 which includes 30% credit sales with the balance of sales in cash. The gross profit ratio is 50% and operating expenses are $250 470. Other relevant balances are listed below: 30 June 2021 30 June 2020 Cash $5 000 $12 000 Accounts receivable 22 520 21 830 Inventory 29 190 29 910 Required:

 

Calculate inventory turnover for the year ended 30 June 2021. Round your answer to two decimal places.

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