using the numbers provide below calculate the inventory turnover ratio. the inventory turnover ratio is...
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using the numbers provide below calculate the inventory turnover ratio. the inventory turnover ratio is calculated by dividing the cost of goods by average inventory
Financial Statements for 2020 Income Statement Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net 2020 $ 107,200 $ S 48,000 $ $ 42,000 $ $ 35,000 $ $ 70,000 $ $ 30,000 $ $ 332,200 $ 2019 64,000 31,000 32,000 27,000 80,000 55,000 289,000 Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Bad Debt Expense R&D Expense Depreciation Expense Interest Expense Loss on Sale of Land Income Tax Expense Net Income $ 375,000 $ (199,000) $ (40,000) $ (18,000) $ (5,000) $ (22,000) $ (10,000) $ (4,000) $ (6,000) $ (7,800) $ 63,200 Land Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity $ $ $ $ $ $ $ 2020 23,000 $ 16,000 $ 6,000 $ 38,000 $ 150,000 $ 99,200 $ 332,200 $ 2019 26,000 18,000 9,000 50,000 150,000 36,000 289,000
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