Question: The current ratio for Arrow Industries is 2.0 and the acid test ratio is 1.0. Current assets total $200,000 and cost of goods sold was

The current ratio for Arrow Industries is 2.0 and the acid test ratio is 1.0. Current assets total $200,000 and cost of goods sold was $1,000,000.
Required:
(a) Calculate the amount of inventory on Arrow's balance sheet.
(b) Determine the average inventory turnover period.

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