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%

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?

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