The current assets for OPAL, Inc. were: 2019: Cash $10,000; Accounts Receivable $24,000 and Inventory $36,000 for 2020: Cash $14,000; Accounts Receivable $26,000 and Inventory $44,000. The top part of the income statement for OPAL in 2020 was: Sales Revenue $400,000; Cost of Goods Sold $240,000 and Gross Profit Margin $160,000. Compute the following financial ratios: calculating turnover ratios to the nearest 0.1 times per year and percentage ratios to the nearest 0.1%. For blank one: calculate Accounts Receivable Turnover; for blank two, calculate Inventory Turnover; for blank three, calculate Gross Profit Margin. Blank # 1 Blank # 2 Blank # 3

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Q: What are the advantages and disadvantages of  FIFO?

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