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Brief Exercise 12-7 (Algo) Calculate inventory turnover (LO12-3) Universal Sports Supply began the year with an inventory balance of $87,000 and a year-end balance of
Brief Exercise 12-7 (Algo) Calculate inventory turnover (LO12-3) Universal Sports Supply began the year with an inventory balance of $87,000 and a year-end balance of $53,000. Sales of $495,000 generate a gross profit of $165,000. Calculate the inventory turnover ratio for the year
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