General accounting question The following information came from the income statement of ThompsonIndustries at December 31, 2023: sales revenues $2,400,000; beginninginventory $220,000; ending inventory $280,000; and gross profit $800,000.What is Thompson's inventory turnover ratio for 2023?

Step 1: Definition of Inventory Turnover RatioThe inventory turnover ratio measures how many times a…

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 Thompson Industries at December 31, 2023: sales revenues $2,400,000; beginning inventory $220,000; ending inventory $280,000; and gross profit $800,000. What is Thompson's inventory turnover ratio for 2023?