Question
Glee Consolidated had sales of $15,000,000 for 2020. On December 31,2019 the balance in Accounts Receivable was $700,000 and on December 31, 2020, the balance
Glee Consolidated had sales of $15,000,000 for 2020. On December 31,2019 the balance in Accounts Receivable was $700,000 and on December 31, 2020, the balance was $1,300,000. On December 31, 2019, the balance in Inventory was $400,000 and on December 31, 2020, the balance was $600,000. The Cost of Goods Sold during 2020 was $11,000,000.
Compute the Inventory turnover ratio.
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Expert Systems In Auditing
Authors: J C Van Dijk, Paul Williams, Michael P. Cangemi
1st Edition
1349124761, 978-1349124763
