Homework Answers
Average inventory = ($82,000 + $86,000) / 2 = $84,000
Inventory turnover ratio = Cost of goods sold / Average Inventory
= $336,000 / $84,000
= 4%
2nd option.
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Hep Jave Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $420,000...
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MC Qu. 79 Thompson TV and Appliance... Thompson TV and Appliance reported the following in its 2018 financial statements: 2018 $424,000 Sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 78,000 328,000 406,000 88,000 318, eee $106,000 Thompson's 2018 inventory turnover ratio is: (Round your answer to two decimal places.)
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Saved Help Save Thompson TV and Appliance reported the following in its 2021 financial statements: 7 2021 $436,000 8 01:20:09 Sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 73,000 328,000 401,000 88,000 313,000 $123,000 Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.) Multiple Choice 25% t 7 of 23 < Prev ! w Ne> 104 153 12.156 A 15
40
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