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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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