Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the end.The inventory turnover ratio for the year was 6.0 and the gross profit was 40% of net sales. What were netsales for the year?A. $126,000.C. $315,000.D. $210,000.

Answer:A) $ 126,000 Inventory turnover ratio is the ratio between net sales and average inventory.…

Answered: Yasmeen Corporation's inventory balance…

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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Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and the gross profit was 40% of net sales. What were net sales for the year? A. $126,000. C. $315,000. D. $210,000.