Business
Accounting
New Home reported the following income statement for the year

New Home reported the following income statement for the year

New Home reported the following income statement for the year ended December 31, 2017:

Requirements
1. Compute New Home€™s inventory turnover rate for the year.
2. Compute New Home€™s days€™ sales in inventory for the year.

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NEW HOME Income Statement Year Ended December 31, 2017 Sales Revenue 5 120,000 Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold 8,800 70,000 78,800 13,000 Gross Profit Operating Expenses Net Income 65,800 54,200 21,300 S32,900