Question
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.
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
9781266566899
