Income statements for the current year and one year ago follow. Assume that all sales are...

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Income statements for the current year and one year ago follow. Assume that all sales are on credit. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share The year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid insurance Equipment, net Total assets Liabilities and Equity Accounts payable Notes payable Common stock Retained earnings Total liabilities and equity Entering answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Current Year 1 Year Ago Choose Numerator: Current Year $ 411,225 209,550 12,100 9,525 1 1 Current Year $ 31,800 89,500 112,500 10,700 278,500 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 Inventory Turnover $ 673,500 642,400 $ 31,100 $ 1.90 1 Choose Denominator: $ 75,250 101,500 163,500 104,750 $ 445,000 1 Year Ago 2 Years Ago $ 35,625 $ 37,800 62,500 50,200 54,000 82,500 9,375 255,000 5,000 230,500 $ 377,500 $ 445,000 = = 1 Year Ago = $ 345,500 134,980 13,300 8,845 $ 51,250 83,500 163,500 79,250 $ 377,500 Inventory turnover times times $ 532,000 502,625 $ 29,375 $ 1.80 Income statements for the current year and one year ago follow. Assume that all sales are on credit. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share The year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid insurance Equipment, net Total assets Liabilities and Equity Accounts payable Notes payable Common stock Retained earnings Total liabilities and equity Entering answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Current Year 1 Year Ago Choose Numerator: Current Year $ 411,225 209,550 12,100 9,525 1 1 Current Year $ 31,800 89,500 112,500 10,700 278,500 523,000 $ 129,900 98,500 163,500 131,100 $ 523,000 Inventory Turnover $ 673,500 642,400 $ 31,100 $ 1.90 1 Choose Denominator: $ 75,250 101,500 163,500 104,750 $ 445,000 1 Year Ago 2 Years Ago $ 35,625 $ 37,800 62,500 50,200 54,000 82,500 9,375 255,000 5,000 230,500 $ 377,500 $ 445,000 = = 1 Year Ago = $ 345,500 134,980 13,300 8,845 $ 51,250 83,500 163,500 79,250 $ 377,500 Inventory turnover times times $ 532,000 502,625 $ 29,375 $ 1.80

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The inventory turnover ratio is an efficiency ratio that indicates how many times a companys inventory is sold and replaced over a specific period To ... View the full answer