Question
Kent Inc. provided the following data for 2016 and 2017: Inventory December 31, 2016 $250,000 December 31, 2017 180,000 Cost of goods sold 2016 $650,000
Kent Inc. provided the following data for 2016 and 2017:
Inventory
December 31, 2016
$250,000
December 31, 2017
180,000
Cost of goods sold
2016
$650,000
2017
645,000
Gross margin
2016
$340,000
2017
430,000
What are the inventory turnover ratio and the gross margin return on inventory investment for 2017?
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Advanced Accounting
Authors: Paul Marcus Fischer, Rita H Cheng, William James Taylor, Roger Taylor
10th Edition
0324379056, 9780324379051
