What is the inventory turnover for Hammer Time Inc.? Average Total Assets $36,451,836 Beginning Inventory $2,630,956...
What is the inventory turnover for Hammer Time Inc.?
Average Total Assets $36,451,836
Beginning Inventory $2,630,956
Cost of Goods Sold $7,670,367
Ending Inventory $2,060,400
Net Sales $14,167,895
|
3.27 |
||
|
6.04 |
||
|
7.77 |
||
|
15.54 |
Homework Answers
Inventory Turnover = Cost of Goods Sold/Average inventory
= 7,670,367/[(2,630,956+2,060,400)/2]
= 7,670,367/2,345,678
= 3.27
Option A is the answer
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What is the inventory turnover for Hammer Time Inc.?
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Corporation follow. (All sales were on credit; selected balance
sheet amounts at December 31 of the prior year were
inventory, $49,900; total assets, $229,400; common stock, $89,000;
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Compute the following: (1) current ratio, (2) acid-test ratio, (3)
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