Question: Using the information given, calculate inventory turnover ratio in 2022 . Enter your answer as a number rounded into three digits. begin{tabular}{lrr} & 2021 &

Using the information given, calculate inventory turnover ratio in 2022 . Enter your answer as a number rounded into three digits. \begin{tabular}{lrr} & 2021 & 2022 \\ Accounts payable & 140 & 160 \\ Accounts receivable & 330 & 400 \\ Cash & 55 & 68 \\ Inventory & 460 & 555 \\ Net plant and equipment & 1500 & 1600 \\ Notes payable & 120 & 110 \\ Retained earnings & 865 & 1003 \\ Accruals & 120 & 150 \\ Common stock and Paid-in surplus & 600 & 640 \\ Cost of goods sold & & 2450 \\ Depreciation & & 330 \\ Dividends & & 99 \\ Interest paid & 500 & 120 \\ Long-term debt & & 560 \\ Sales & & 21% \\ Taxes & & \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
