Financial accounting question The following information came from theincome statement of the Wilkens Company atDecember 31,2017: sales revenues $1,800,000;beginning inventory $160,000; endinginventory $240,000; and gross profit $600,000.What is Wilkens' inventory turnover ratio for2017?

Step 1: Define Inventory TurnoverThe inventory turnover ratio is the financial ratio that counts the…

Answered: The following information came from the…

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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The following information came from the income statement of the Wilkens Company at December 31,2017: sales revenues $1,800,000; beginning inventory $160,000; ending inventory $240,000; and gross profit $600,000. What is Wilkens' inventory turnover ratio for 2017?