Selected financial statement data for Schmitzer Inc. is shown below: ______________________________ 2018 _2017 Balance sheet: Inventories....................................................60,000 ................48,000

Question:

Selected financial statement data for Schmitzer Inc. is shown below:

__________________________________________ 2018 _____________2017

Balance sheet:

Inventories....................................................60,000 ................48,000

Ratios:

Gross profit ratio for 2018 ........................ 40%

Inventory turnover ratio for 2018 ............... 5

What was the amount of net sales for 2018?

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,...