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Hi I need help answering the following question Saved Help Save & Exit Submit The following information (in $ millions) comes from the Annual Report
Hi I need help answering the following question
Saved Help Save & Exit Submit The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended 12/31/2021 Net sales $8,029 Cost of goods sold 4,847 Selling and administrative expense 1,989 Interest expense 496 Income before taxes 697 Net income 538 Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets 12/31/2821 $ 1,055 1,090 1,135 13,580 $16,860 12/31/2028 5 72 744 599 3,924 $5,339 Total current liabilities Long-term debt Total liabilities Total stockholders' equity $ 5,827 5,671 $11,498 $ 5,362 $2,289 2,301 $4,599 $ 749 Required: Compute the inventory turnover ratio for 2021. (Round your answer to 1 decimal place.) Inventory turnover ratio Step by Step Solution
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