2. What is Energy's inventory turnover? Use the year-end balance to compute the inventory turnover ratio.

QUESTION 16 Energy Corporation began operations in 2014 At the beginning of the year, the company purchased plant assets of $1 800,000, with an estimated useful life of 10 years and no residual value During the year, the company had net sales of $2,600,000, salanes expense of $400,000, and other expenses of $160,000, excluding depreciation. In addition, Energy purchased inventory as follows Jan 15 800 units at $400 $320 000 Mar 20 400 units at $408 5163 200 June 15 1,600 units at $416 5555 600 Sept 1200 units at 5412 $494,400 18 Dec 9 600 units at $420 5252 000 Total 4,600 $1.895 200 At the end of the year, a physical inventory disclosed 1.000 units still on hand Required: 1. Prepare the income statements for the year ended 2018 under the assumption that the company is using the FIFO periodic inventory cost method and the straight line depreciation method (20%)