Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000 generate a gross profit of $240,000. Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.)

Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000 generate a gross profit of $240,000. Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000
generate a gross profit of $240,000.
Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.)
Universal Sports Supply
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Inventory Turnover Ratio
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