Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit ratio.Net sales $250,000 Cost of goods sold 180,000 Beginning inventory 55,000 Ending inventory 45,000
Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit ratio.Net sales $250,000 Cost of goods sold 180,000 Beginning inventory 55,000 Ending inventory 45,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit ratio.
Net sales $250,000
Cost of goods sold 180,000
Beginning inventory 55,000
Ending inventory 45,000
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