The inventory turnover ratio for Natural Foods Stores is 14.6. The company reported cost of goods sold

Question:

The inventory turnover ratio for Natural Foods Stores is 14.6. The company reported cost of goods sold in the amount of $1,500,000 and total sales of $2,500,000. What is the average amount of inventory for Natural Foods?
a. $102,740
b. $171,233
c. $100,000
d. $60,000

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Financial Accounting

ISBN: 9781264229734

11th Edition

Authors: Robert Libby, Patricia Libby, Frank Hodge

Question Posted: