Question: QUESTION 3 Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. Gross income $ 29,218,000 Total sales 28,158,000 Total credit

QUESTION 3

  1. Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation.

    Gross income $ 29,218,000
    Total sales 28,158,000
    Total credit sales 20,527,000
    Net income 3,444,000
    Cost of goods sold 14,587,000
    Total assets 11,196,000
    Average inventory 3,425,000
    Average receivables 3,656,000

    Compute the inventory turnover ratio

    a.

    5.62
    b.

    2.52
    c.

    4.26
    d.

    7.46

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