Question
Missoula Incorporated reported the following selected financial statement data: December 31, 2023 December 31, 2024 Cash $ 31,000 $ 33,500 Accounts receivable (net) 49,000 55,000
Missoula Incorporated reported the following selected financial statement data:
|
| December 31, 2023 | December 31, 2024 |
| Cash | $ 31,000 | $ 33,500 |
| Accounts receivable (net) | 49,000 | 55,000 |
| Inventory | 69,000 | 73,000 |
| Plant assets (net) | 211,000 | 220,000 |
| Total assets | 408,000 | 397,000 |
| Liabilities | 146,000 | 146,000 |
| Shareholders' equity | 262,000 | 251,000 |
| Net sales | 341,000 | 364,000 |
| Cost of goods sold | 301,000 | 355,000 |
| Net income | 21,000 | 27,000 |
Required: Compute the inventory turnover ratio for 2024.
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Comparative international accounting
Authors: Christopher nobes, Robert parker
9th Edition
273703579, 978-0273703570
