Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Use the following information:
Net sales
Cost of goods sold
$235,000
168,000
52,000
42,000
Beginning inventory
Ending inventory
a. Calculate the inventory turnover ratio.
b. Calculate the average days in inventory.
c. Calculate the gross profit ratio.
Transcribed Image Text:Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio.
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