Selected financial statement data for Schmitzer Inc. is shown below: What was the amount of net sales
Question:
Selected financial statement data for Schmitzer Inc. is shown below:
What was the amount of net sales for 2021?
2021 2020 Balancesheet: Inventories Ratios: Gross profit ratio for 2021 Inventory turnover ratio for 2021 $60,000 $48,000 40%
Step by Step Answer:
Average inventory 60000 48000 2 54000 Cost of goods sold ...View the full answer
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Related Video
Inventory turnover is a key metric that helps businesses evaluate the efficiency of their operations. A high turnover ratio is generally considered positive, indicating that the company is effectively selling its inventory and making efficient use of its resources. On the other hand, a low turnover ratio may indicate issues such as overstocking or slow sales and may require further examination to identify and address the underlying causes. Businesses use this ratio to make decisions about inventory levels, production schedules, and pricing strategies. It also helps businesses to identify areas where they may need to make improvements, such as reducing lead times for production or optimizing sales and marketing efforts. Additionally, inventory turnover is used by investors and analysts as a key performance indicator to evaluate the financial health and growth potential of a company.
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