Question
72.Anthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:20162015Sales$305,000$284,000Sales returns and allowances9,0006,000Net sales$296,000$278,000Cost of goods sold: Inventory, January 143,00036,000Net purchases152,000146,000Goods available
72.Anthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:20162015Sales$305,000$284,000Sales returns and allowances9,0006,000Net sales$296,000$278,000Cost of goods sold: Inventory, January 143,00036,000Net purchases152,000146,000Goods available for sale195,000182,000Inventory, December 3157,00043,000Cost of goods sold138,000139,000Gross profit$158,000$139,000
ATC's inventory turnover ratio for 2016 is:
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Financial accounting
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
8th Edition
9780135114933, 136108865, 978-0136108863
