Question
LMNCorpreportedthefollowinginformationfortheyearendedDecember31st,2023: Beginninginventory:$50,000 Purchases:$200,000 Endinginventory:$40,000Calculate:a)Costofgoodssold(COGS).b)Grossprofit.c) Inventory turnover ratio. d) Average days to sell inventory.
LMN Corp reported the following information for the year ended December 31st, 2023:
Beginning inventory: $50,000
Purchases: $200,000
Ending inventory: $40,000 Calculate: a) Cost of goods sold (COGS). b) Gross profit. c) Inventory turnover ratio. d) Average days to sell inventory.
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
7th edition
1259722635, 978-1259722639
