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
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Chapter1: Financial Statements And Business Decisions
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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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Transcribed Image Text:WORK es Mc 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 ype here to search O Inventory Turnover Ratio Saved Prev 23 of 29 times Next > 85°F Partly cloudy
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