Use the following information: net sales ps 215,000 cost of goods sold 152,000 Initial inventory 48,000 running
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Question:
Use the following information:
| net sales | ps | 215,000 |
| cost of goods sold | 152,000 | |
| Initial inventory | 48,000 | |
| running out of inventory | 38,000 | |
a. Calculate the inventory turnover ratio.
b. Calculate the average days in inventory. (Assume 365 days in a year. )
C. Calculate the gross profit ratio.
Expert Answer:
To calculate the inventory turnover ratio average days in inventory and gross profit ... View the full answer
Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
