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Sage Hill Merchants reported the following on its income statement for the fiscal year ended December 31, 2024 and 2023, Sales Cost of goods sold Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit Operating expenses Profit (a) 2024 $496,060 146,380 154,124 322.560 (139,174) (146,380) 352.996 330,304 143,064 87,568 $55,496 345,790 2023 Your answer is incorrect. $475.790 145,486 89.168 $56,318 ہے Calculate the inventory turnover ratio for Sage Hill for 2024 and 2023. (Round answers to 2 decimal places, eg. 52.75.)

Sage Hill Merchants reported the following on its income statement for the fiscal year ended December 31, 2024 and 2023, Sales Cost of goods sold Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit Operating expenses Profit (a) 2024 $496,060 146,380 154,124 322.560 (139,174) (146,380) 352.996 330,304 143,064 87,568 $55,496 345,790 2023 Your answer is incorrect. $475.790 145,486 89.168 $56,318 ہے Calculate the inventory turnover ratio for Sage Hill for 2024 and 2023. (Round answers to 2 decimal places, eg. 52.75.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sage Hill Merchants reported the following on its income statement for the fiscal year ended December 31, 2024 and 2023, Sales Cost of goods sold Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit Operating expenses Profit (a) 2024 $496,060 146,380 345,790 2023 Your answer is incorrect. $475.790 154,124) 322.560 (139,174) (146,380) 352.996 330,304 143,064 87,568 $55,496 145,486 89.168 $56,318 ہے Calculate the inventory turnover ratio for Sage Hill for 2024 and 2023. (Round answers to 2 decimal places, e.g. 52.75.)
Transcribed Image Text:Sage Hill Merchants reported the following on its income statement for the fiscal year ended December 31, 2024 and 2023, Sales Cost of goods sold Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit Operating expenses Profit (a) 2024 $496,060 146,380 345,790 2023 Your answer is incorrect. $475.790 154,124) 322.560 (139,174) (146,380) 352.996 330,304 143,064 87,568 $55,496 145,486 89.168 $56,318 ہے Calculate the inventory turnover ratio for Sage Hill for 2024 and 2023. (Round answers to 2 decimal places, e.g. 52.75.)
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