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im having a hard time figuring out how to compute my average inventory Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets

im having a hard time figuring out how to compute my average inventory
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Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 32,540 89,800 112,000 10,479 323, 767 $568,586 $ 38,036 $ 40,438 63,000 50,500 84,000 51,000 9,985 4,493 295,139 274,669 $ 490, 160 $ 421,100 $137,331 $ 80,352 $ 53,918 103,687 162,500 165,068 $568,586 109,355 90,271 162,500 162,500 137,953 114,411 $ 490,160 $ 421,100 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are o For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Yr $ 739,162 $ 450,889 229, 140 12,566 9,609 702, 204 $ 36,958 $ 2.27 1 Yr Ago $ 583,290 $ 379,139 147,572 13,416 8,749 548,876 $ 34,414 Earnings per share $ 2.12 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover 1 Choose Denominator: = Inventory Turnover Choose Numerator: Cost of goods sold Average inventory = Inventory turnover $ II 0 times Current Yr: 1 Yr Ago: 450,8891 379,139 / $ 6.9 times

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