The following data were collected for a retailer:Cost of goods sold $3,500,000Gross profit $700,000Operating costs $500,000Operating profit $200,000Total inventory $1,200,000Fixed assets $750,000Long-term debt $300,000Assuming 52 business weeks per year, express total inventory asa. Weeks of supplyb. Inventory turns
The following data were collected for a retailer:Cost of goods sold $3,500,000Gross profit $700,000Operating costs $500,000Operating profit $200,000Total inventory $1,200,000Fixed assets $750,000Long-term debt $300,000Assuming 52 business weeks per year, express total inventory asa. Weeks of supplyb. Inventory turns
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data were collected for a retailer:
Cost of goods sold $3,500,000
Gross profit $700,000
Operating costs $500,000
Operating profit $200,000
Total inventory $1,200,000
Fixed assets $750,000
Long-term debt $300,000
Assuming 52 business weeks per year, express total inventory as
a. Weeks of supply
b. Inventory turns
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