Question
Determine the Inventory Turnover Ratio for LMN Inc. for the fiscal year ended December 31, 2023. The cost of goods sold during the year was
Determine the Inventory Turnover Ratio for LMN Inc. for the fiscal year ended December 31, 2023. The cost of goods sold during the year was $3,000,000, and the average inventory balance was $500,000. Use the formula: Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory.
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Accounting Information Systems
Authors: Marshall B. Romney, Paul J. Steinbart
12th edition
132552620, 978-0132552622
