Question

Universal Sports Supply began the year with an inventory balance of $71,000 and a year-end balance of $69,000. Sales of $735,000 generate a gross profit of $245,000.

Calculate the inventory turnover ratio for the year.

Cost of Goods Sold/Inventory = ???/70,000 = ??? times

Answer 1

Step-by-step explanation:

Universal Sports Supply began the year with an inventory balance of $80,000 and a year-end balance of $52,000.