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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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Rahul 

Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices. All stores are located in the United States, predominantly in small towns in midwestern and southeastern states. In a recent year, the company reported average inventories of $1,668 million and an inventory turnover ratio of 8.0. Average total fixed assets were $2,098 million, and the fixed asset turnover ratio was 9.0. What amount did Dollar General report as gross profit in the current year? Note: Enter answer in millions of dollars. Gross profit million
Transcribed Image Text:Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices. All stores are located in the United States, predominantly in small towns in midwestern and southeastern states. In a recent year, the company reported average inventories of $1,668 million and an inventory turnover ratio of 8.0. Average total fixed assets were $2,098 million, and the fixed asset turnover ratio was 9.0. What amount did Dollar General report as gross profit in the current year? Note: Enter answer in millions of dollars. Gross profit million
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