chapter 6 e6-25

Homework: Chapter 6 Homework Save Score: 0 of 1 pt 2 of 5 (1 complete) HW Score: 0%, 0 of 5 pts E6-25 (similar to) Question Help New Lite reported the following income statement for the year ended December 31, 2019 (Cick the icon to view the income statement) Requirements 1. Compute New Life's inventory turnover rate for the year (Round to two decimal places.) Compute New Life's days' sales in inventory for the year. (Round to two decmal places) 2. Requirement 1. Compute New Life's inventory tumover rate for the year. (Round to twa decimal places) Select the labels and enter the amounts to compute the inventory turnover rate (Round your answer to two decimal places, X XX) Inventory turnover times Choose from any list or enter any number in the input fields and then click Check Answer. 1 part Ciear All Check Answer remaining New Life Income Statement Year Ended December 31, 2019 Sales Revenue $ 168,000 Cost of Goods Sold: Beginning Merchandise Inventory 24 8,900 78,000 Net Cost of Purchases Cost of Goods Available for Sale 86,900 12.500 Less: Ending Merchandise Inventory 74,400 Cost of Goods Sold Gross Profit 93,600 60,700 Operating Expenses 32,900 Net Income en %24