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

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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