The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.)


Novak Company
Flounder Compan
Beginning inventory
$ 45,000
$71,000
Cost of goods purchased
199,000
295,500
Cost of goods available for sale
244,000
366,500
Ending inventory
55,500
71,500
Cost of goods sold
$188,500
$295,000
Transcribed Image Text:Novak Company Flounder Compan Beginning inventory $ 45,000 $71,000 Cost of goods purchased 199,000 295,500 Cost of goods available for sale 244,000 366,500 Ending inventory 55,500 71,500 Cost of goods sold $188,500 $295,000
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