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Red Company and Green Company reported the following information in their financial statements: Red Company (FIFO) Green Company (LIFO) $millions Sales 2021 2020 $60,000 52,000 COGS $45,000 36,000 Inventories Sales $15,000 13,000 $85,000 COGS $75,000 82,000 60,000 Inventories $30,000 27,000 To the closest hundredth, how much is 2021 inventory turnover for Green Company? Please keep two digits of your answer.

Red Company and Green Company reported the following information in their financial statements: Red Company (FIFO) Green Company (LIFO) $millions Sales 2021 2020 $60,000 52,000 COGS $45,000 36,000 Inventories Sales $15,000 13,000 $85,000 COGS $75,000 82,000 60,000 Inventories $30,000 27,000 To the closest hundredth, how much is 2021 inventory turnover for Green Company? Please keep two digits of your answer.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Red Company and Green Company reported the following information in their financial statements: Red Company (FIFO) $millions 2021 2020 Sales $60,000 52,000 Green Company (LIFO) COGS $45,000 36,000 Inventories Sales $15,000 13,000 $85,000 82,000 COGS $75,000 60,000 Inventories $30,000 27,000 To the closest hundredth, how much is 2021 inventory turnover for Green Company? Please keep two digits of your answer.
Transcribed Image Text:Red Company and Green Company reported the following information in their financial statements: Red Company (FIFO) $millions 2021 2020 Sales $60,000 52,000 Green Company (LIFO) COGS $45,000 36,000 Inventories Sales $15,000 13,000 $85,000 82,000 COGS $75,000 60,000 Inventories $30,000 27,000 To the closest hundredth, how much is 2021 inventory turnover for Green Company? Please keep two digits of your answer.
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