What is blue ridges inventory turnover ratio for 2023? General accounting The following information came from the income statement of Blue RidgeElectronics at December 31, 2023: sales revenues $4,500,000; beginninginventory $450,000; ending inventory $550,000; and gross profit $1,350,000.What is Blue Ridge's inventory turnover ratio for 2023?

Step 1: Definition of Inventory Turnover RatioThe inventory turnover ratio measures how efficiently…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...

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Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
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The following information came from the income statement of Blue Ridge Electronics at December 31, 2023: sales revenues $4,500,000; beginning inventory $450,000; ending inventory $550,000; and gross profit $1,350,000. What is Blue Ridge's inventory turnover ratio for 2023?