Chin Company reports the following:

Net sales, $200,000

Cost of goods sold, $150,000

Gross profit, $50,000

Merchandise inventory, January 1, $20,000

Merchandise inventory, December 31, $30,000

What is Chin Company's inventory turnover ratio, rounded to two decimal places?

Multiple Choice

5.00

6.00

8.00

2.00

A classified income statement showed net sales of $520,000, cost of goods sold of $205,000, and total operating expenses of $182,000 for the fiscal year ended June 30, 2016.

1.	What was the gross profit on sales?

2.	What was the net income from operations?

A firm had merchandise inventory of $51,000 on January 1, 2016, and had purchases of $59,000, freight in of $900, purchases returns and allowances of $3,700, and purchases discounts of $1,300 during 2016. The firm had merchandise inventory of $41,000 on December 31, 2016.

1.	What net delivered cost of purchases was shown for the year ended December 31, 2016, on the classified income statement?

2.	What was the cost of goods sold?