Using the amounts below, calculate the inventory turnover ratio , average days in inventory, and gross profit

Question:

Using the amounts below, calculate the , average days in inventory, and gross profit ratio.
Net sales......................................$200,000
Cost of goods sold...........................140,000
Beginning inventory............................45,000
..............................35,000
Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,... Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...