Use the following information: Net sales Cost of goods sold Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio. $170,000 116,000 39,000 29,000 Complete this question by entering your answers in the tabs below. Required a Required b Required c Calculate the gross profit ratio. (Round your answer to 2 decimal places.) Gross profit ratio % < Required b Required c>

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is