Summit Outdoor Gear had inventory of $15,000 on Jan 1, 20X5, and $19,000 on Dec 31, 20X5. Sales for 20X5 were $320,000, and the company's gross profit percentage was 40%- What was the inventory turnover ratio for Summit Outdoor Gear in 20X5?

Managerial Accounting: The Cornerstone of Business Decision-Making
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Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
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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 ratio for this financial accounting question?

Summit Outdoor Gear had inventory of $15,000 on Jan 1, 20X5, and
$19,000 on Dec 31, 20X5. Sales for 20X5 were $320,000, and the
company's gross profit percentage was 40%-
What was the inventory turnover ratio for Summit Outdoor Gear in
20X5?
Transcribed Image Text:Summit Outdoor Gear had inventory of $15,000 on Jan 1, 20X5, and $19,000 on Dec 31, 20X5. Sales for 20X5 were $320,000, and the company's gross profit percentage was 40%- What was the inventory turnover ratio for Summit Outdoor Gear in 20X5?
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