Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Red Company and Green Company reported the following information in their financial statements: Red Company (FIFO) Green Company (LIFO) $millions Sales COGS Inventories Sales COGS
Red Company and Green Company reported the following information in their financial statements:
| Red Company (FIFO) | Green Company (LIFO) | ||||
$millions | Sales | COGS | Inventories | Sales | COGS | Inventories |
2021 | $60,000 | $45,000 | $15,000 | $85,000 | $75,000 | $30,000 |
2020 | 52,000 | 36,000 | 13,000 | 82,000 | 60,000 | 27,000 |
To the closest hundredth, how much is 2021 inventory turnover for Green Company? Please keep two digits of your answer.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started