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Brief Exercise 12-7 (Static) Calculate inventory turnover (LO12-3) Universal Sports Supply began the year with an inventory balance of $65,000 and a year-end balance of
Brief Exercise 12-7 (Static) Calculate inventory turnover (LO12-3) Universal Sports Supply began the year with an inventory balance of $65,000 and a year-end balance of $75,000. Sales of $750,000 generate a gross profit of $250,000. Calculate the inventory turnover ratio for the year
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