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 CompanyFlounder CompanBeginning inventory$ 45,000$71,000Cost of goods purchased199,000295,500Cost of goods available for sale244,000366,500Ending inventory55,50071,500Cost of goods sold$188,500$295,000

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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.)

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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Question

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

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